The Energy-Time-Frequency mode is the same as a spectrogram. The data used for computing the waterfall is the windowed measurement data. Push <Ctrl> + <w> to open the time window settings.
The windowed measurement data are divided into slices and the Fourier transform is computed for each slice. Special settings for this mode are found in the bottom right of this dialog box under ETF Parameters. The special settings determine the size of the data used for computing each slice (FFT size) and the window type applied on each of the slices.
Note: No zero-padding is applied in computing Energy-Time-Frequency mode. The DC-component, if any, is not removed from each slice.