A hybrid of H. venusta x a sport of H. sieboldii from Japan, this cultivar was named by Diana Grenfell of England and registered by Kevin Walek (Hosta Registrar) in 2009 and re-registered with new data in 2018. The plant grows to a small size about 6 inches in height with a spread of 18 inches. Its leaves are green with a white medial (center) variegation and are moderately twisted, elliptic, moderately rippled with thin substance. Purple flowers bloom from late June into July.

According to The Hostapedia by Mark Zilis (2009), "...was marketed by Klehm Nursery as H. venusta 'Variegated'."

The New Encyclopedia of Hostas by Diana Grenfell (2009) states in its Miniature Hostas chapter: "Vegetation is likely to fade to green in hot climates and the plant will start to produce leaves with flecking in the central variegation. Its main disadvantage is the strong tendency to stabilize, thus producing larger green leaves or streaked and flecked green leaves marring the attractive clump...Do not divide until a root system is fully established."

An article by Warren I. Pollock in The Hosta Journal (1995 Vol. 26 No. 2) states that, "...seeing the new cultivar name 'Masquerade' instead of the invalid name "H. venusta 'Variegated' "...this hosta is not a venusta...H. 'Masquerade' is an apt name...because this hosta has been masquerading under an incorrect and invalid name."

Pollock in The Hosta Journal (2008 Vol. 39 No. 2) states that, "H. 'Masquerade' is the...name give to H. venusta 'Variegated'...by Diana Grenfell...From its original name, the implication would be that 'Masquerade' is a sport of H. venusta. Most likely, it is not, believes W. George Schmid. ..Possibly 'Masquerade' is a cross of H. sieboldii and H. venusta, with H. sieboldii as the pod parent."

Warren I. Pollock continues in The Hosta Journal (2009 Vol. 40 No. 1) that, "It turns out the green sport of 'Masquerade' was registered twice and with two different names. In 1999 Van Wade...registered this sport as 'Vanessa'...Mark Zilis...informed me that he registered it as 'Munchkin' in 2003."