This is a valiant march-like etude, but its time signatures frequently change, including 2/4, 3/4, 4/4, 5/4, and 3/2. While the left-hand figuration is based on a descending pattern starting from F on each beat, serving an ostinato-like role, the soprano melody is long-breathed, progressing by step. The opening is powerful overall, while the conclusion is enveloped in tranquility. These two colors lend rich chiaroscuro to the entire piece. Furthermore, in the middle section, the rapid alternation between power and tranquility creates strong expressiveness and supports the contrast between the two ends.

Regarding its programmatic nature, the Soviet musicologist Keldysh asserted that the persistent bass figuration in the opening section resonates with the appearance of the Countess's ghost in Act 3, Scene 1 of Tchaikovsky's opera The Queen of Spades, and he discerned the sound of distant funeral bells from the harmony of the concluding section. According to his logic, the central theme of this etude's programmatic nature is undoubtedly the issue of life and death. However, due to differences in the modes used in the descending figures and the fundamental difference in tonality (the relevant section in The Queen of Spades is in F major), it is difficult to regard this interpretation as absolute.