Why anhydrous
Pure ascorbic acid is the most effective form of vitamin C and the least stable. In water it oxidises steadily, turning yellow then brown as it degrades, which is why most vitamin C serums have a limited useful life once opened and why so many brands use derivatives instead.
This formula removes the water entirely. There is none in the ingredient list. The ascorbic acid is suspended as a solid in a silicone base, where it cannot oxidise because there is no aqueous phase for the reaction to happen in.
What "self-activating" means
The ascorbic acid stays inert in the bottle. On application it meets the moisture naturally present in skin, dissolves, and becomes active at that point. Activation happens on the face rather than in the jar.
That is the entire design, and it is a genuinely elegant answer to vitamin C's central problem.
Two forms of vitamin C
Ascorbic acid is the active form, working immediately at the surface. Tetrahexyldecyl ascorbate is an oil-soluble ester, considerably more stable and better suited to the lipid environment of the skin barrier, converted to ascorbic acid after it penetrates.
One works fast and shallow, the other slower and deeper.
The antioxidant network
Tocopheryl acetate is a vitamin E ester working in the lipid phase. Ubiquinone, coenzyme Q10, works within cell membranes.
Vitamin C, vitamin E and ubiquinone form a regenerating cycle: after each donates an electron and is oxidised, the others can return it to its active form. Formulating all three together is more than the sum of the parts.
Why it goes on last
Cyclopentasiloxane and dimethicone form a smooth, occlusive film. Anything applied over the top would struggle to get through it, which is why ZO direct it as the final step before sunscreen rather than as a first-layer serum.
The citrus oil, honestly
Bitter orange peel oil is present as a fragrance, and it accounts for the two declared allergens, limonene and citral.
Worth knowing: expressed citrus peel oils contain furocoumarins, which are phototoxic. Steam-distilled versions have them removed. An INCI name does not distinguish between the two, so the label alone does not tell you which is used here.
ZO direct morning use, which implies a furocoumarin-free grade. If you would rather not rely on that inference, using it in the evening removes the question entirely. Your version also contains less of it than earlier formulations did.