One of the pieces not included in the first edition, it was first published in the 1947 Rachmaninoff Complete Works. The music unfolds as if spun from a brief, unadorned introduction. Over an antiphonal accompaniment figure, a light yet melancholic right-hand theme derived from a short motif forms the core of the composition. Beautiful, modal, and legato melodies, appearing intermittently in the upper and inner voices, imbue the piece with depth and emotional resonance. Conversely, within Rachmaninoff's characteristically complex and dense texture, this etude demands a level of difficulty beyond mere mechanical finger dexterity. It requires a delicate sensibility to discern which notes and melodies to bring into prominence and which to recede into the background.