Discovered in 1969 among the posthumous papers of Rudolf von Weiss-Ostborn, a musician from Graz, and published in the same year, this work is known as the "Graz Fantasy" after the city. Although the discovered manuscript was not in Schubert's autograph, it was inscribed in the handwriting of Josef Hüttenbrenner, who managed Schubert's works, with "Fantasia for Pianoforte by Franz Schubert." Its composition is estimated to be in 1818, when Schubert was 21 years old.

The theme features a pastoral melody characteristic of Schubert, sung in octaves. Subsequently, starting with a dance rhythm indicated as "alla Polacca," it fantastically develops various keys and movements, but ultimately the opening theme returns, bringing the work to a gentle close.