XSD: Is the parent element optional when the child sequence has minOccurs=0?

Given the XSD file

<?xml version="1.0" encoding="UTF-8"?>
<xs:schema version="1.0" xmlns:xs="http://ift.tt/tphNwY">
 <xs:element name="myElement" type="myType"/>
 <xs:complexType name="myType">
  <xs:sequence>
   <xs:element name="myContent">
    <xs:complexType>
     <xs:sequence>
      <xs:element maxOccurs="unbounded" minOccurs="0" name="myContentElement" nillable="true" type="myContentType"/>
      </xs:sequence>
    </xs:complexType>
  </xs:sequence>
 </xs:complexType>
 </xs:element>

Does the minOccurs in the innermost sequence propagate up in some way?

In other words: would the following be valid xml for this XSD:

<?xml version="1.0" encoding="UTF-8"?><myElement/>?

I would have expected to get at least this:

<?xml version="1.0" encoding="UTF-8"?><myElement><myContent/></myElement>