The audiophile world has long been plagued by an unresolved “cold war”—the conflict between “Objectivists” (measurement supremacists) and “Subjectivists” (listening experience advocates). The former worship SINAD (Signal-to-Noise and Distortion) figures as gospel, while the latter pursue something immeasurable: “soul” and “musicality.” These two camps rarely intersect. Nowhere is this divide more pronounced than in the resistor-ladder (R2R) DAC category.
R2R DACs, by their very nature, have traditionally offered smooth, organic sound (beloved by subjectivists) at the cost of inferior measurements (THD+N and linearity) compared to modern delta-sigma chip DACs. But defying this conventional wisdom comes the Holo Audio MAY DAC.
This DAC is an anomaly. Despite being a discrete R2R design, it achieves measurements that surpass many delta-sigma DACs 1, while simultaneously delivering “analog-like” musical pleasure. Designer Jeff Zhu may have created the unicorn of the audio world. This review dissects the true nature of this DAC, focusing on the flagship Level 3 KTE (Kitsune Tuned Edition).
Holo Audio MAY DAC — Overview
Holo Audio is a Chinese high-end audio brand operating in close partnership with Kitsune HiFi (USA) for global distribution 3. The MAY represents the company’s flagship model, the result of over three years of development and substantial R&D investment 1. Engineer Jeff Zhu pushed the technology developed in the existing “Spring” series to its absolute limits, creating the MAY with no regard for cost constraints. As its name suggests, it symbolizes the season following spring—a time of maturity and full bloom.
Basic Information
- Manufacturer: Holo Audio (China)
- Product Name: MAY DAC (Level 3 KTE - Kitsune Tuned Edition)
- Designer: Jeff Zhu
- US Price: $5,598 - $6,128 1
- Release Date: 2020 (with ongoing minor updates)
Specifications
- DAC Architecture: Dual-Mono Discrete R2R (with linearity compensation)
- Supported Formats: PCM 1.536MHz / DSD1024 (Native)
- Frequency Response: 20Hz - 20kHz (+/- 0.1dB)
- THD+N: 0.00017% @ 1kHz (-115dB) Exceptional for R2R, approaching measurement limits
- Dynamic Range (DNR): >130dB
- Output Voltage: XLR: 5.8Vrms / RCA: 2.9Vrms
- Output Impedance: XLR: 54Ω / RCA: 27Ω
- Weight: 18kg (dual chassis combined)
- Inputs: USB (Titanis 2.0 circuit), I2S (HDMI format x2), AES/EBU, Coaxial (RCA/BNC), Optical
The MAY DAC’s most distinctive feature is its dual-chassis structure, completely separating the power supply and DAC units 8. The power amplifier-level mass of 18kg is no mere decoration. Inside the enclosure lies custom components representing Jeff Zhu’s obsessive dedication. The KTE edition (Kitsune Tuned Edition) in particular is armed with hand-selected DAC modules, pure silver internal wiring, custom capacitors, and shielding engraved with a “kitsune” (fox) emblem 1. This isn’t simply an audio component. It’s a “manifesto” declaring digital audio’s ultimate destination.
1. Review Summary
How have major media outlets worldwide, demanding reviewers, and forum denizens judged this DAC? First, let’s examine their consensus. Particularly notable is that both typically opposing evaluation camps—the “measurement faction” and the “listening faction”—have bestowed maximum praise on this DAC.
| Media / Reviewer | Quote (Translation + Original) | Rating (★1-5) |
|---|---|---|
| Stereophile (Herb Reichert) | “The May’s true-to-life demeanor made recorded music seem infinite and beautiful. It exceeded my previous standard for ‘natural silence.’” | ★★★★★ (Class A+) |
| GoldenSound (YouTube) | “The Holo Audio May is the best DAC I have heard so far… Its performance is remarkable both subjectively and objectively.” | ★★★★★ |
| Audio Science Review (Amir) | “Probably the best-measuring R2R DAC I’ve seen. Jitter immunity is near-perfect. Cannot help but recommend it.” | ★★★★★ (Recommended) |
| Steve Huff Photo | ”Even in 2024, this DAC remains endgame. It combines analog-like warmth with astonishing silence.” (“Does this DAC hold up near the end of 2024… Yes.”) | ★★★★★ |
| Head-Fi User (Comparisons) | “Compared to Terminator, the May is more truly NOS (non-oversampling) and absolutely stunning. Zero digital harshness.” | ★★★★☆ |
The consensus is remarkable. Ninety percent of positive opinions concentrate on “overwhelming silence (black background)” and “holographic soundstage” 4. Even measurement-focused forums like ASR tip their hats to its jitter rejection and linearity, completely overturning prejudices about R2R (high distortion, noisy) 2.
On the other hand, if we must explore negative aspects, they center on being “too smooth, lacking aggressive impact” and cases where users migrate to other manufacturers (Aries Cerat, Lampizator, etc.) seeking more active coloration (harmonic enrichment) typical of tube DACs 14. In other words, the “flaws” attributed to the MAY boil down to taste preferences—“lack of character” or “excessive neutrality”—rather than performance deficiencies. This is the flip side of achieving high product maturity.
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2. Technical Features
Why is the MAY DAC so exceptional? The secret lies in Jeff Zhu’s proprietary architecture. The approach to solving R2R DACs’ structural deficiencies through both brute force and mathematical methods is fascinating.
2.1. Dual Discrete R2R Ladder with Linearity Compensation
Conventional R2R DACs face an inescapable fate: resistor precision (tolerance) directly correlates to distortion. Even with expensive laser-trimmed resistors, accuracy drifts due to aging and temperature changes, manifesting as “glitches” and “non-linearity” that compromise low-level signal reproduction.
Holo Audio’s solution: a “linearity compensation network” 6. Alongside the main R2R ladder exists an auxiliary ladder for correcting its errors. The FPGA constantly monitors resistor values and applies mathematical correction, achieving THD+N of 0.00017% (-115dB)—linearity matching or surpassing cutting-edge delta-sigma chips (ESS9038Pro, etc.) despite being discrete R2R. This challenges the physical law that “R2R has poor measurements,” successfully suppressing distortion into immeasurable territory.
2.2. Powerful PLL and Jitter Elimination (Femto Clock & Titanis 2.0)
Digital audio’s nemesis is jitter (temporal fluctuation). The MAY employs proprietary PLL (Phase Locked Loop) circuitry and high-performance femtosecond clocking (Femto Clock) 6.
Particularly noteworthy: it doesn’t depend on input signal clock quality. According to GoldenSound’s measurements, even when fed signals with deliberately added severe jitter, the MAY’s output showed no impact whatsoever 2. This results from the Titanis 2.0 circuit in the USB input section combined with powerful FPGA processing 1. Even connecting inexpensive streamers or PCs, the MAY internally reclocks perfectly and generates pure signals. This minimizes “sonic differences due to transport.” Hence the claim that external DDCs (Digital-to-Digital Converters) are unnecessary.
2.3. Dual-Mono Dual-Chassis Power Supply (PSU)
The substantial box residing below the main unit is a dedicated DAC power supply. Physically separating the DAC and power sections prevents transformer vibration and magnetic flux leakage from affecting delicate analog circuitry.
- KTE Privileges: The KTE model employs not standard toroidal transformers but O-core transformers using flat wire 1. O-core transformers produce less flux leakage than toroidals, and flat wire increases winding density while improving regulation performance. Independent left/right channel transformers physically eliminate crosstalk. This is the wellspring producing that “deep-sea silence.”
2.4. KTE (Kitsune Tuned Edition) Exclusive Features and Specification Comparison
The frequent question: “What’s different between Level 2 and KTE?” KTE incorporates the following tuning that borders on “voodoo” yet demonstrably works 1.
| Feature | Level 1 / Level 2 | Level 3 (KTE) | Technical/Sonic Effect |
|---|---|---|---|
| DAC Module Selection | Standard | Hand Selected | Selecting the best-performing modules from production batches. Contributes to improved dynamic range. |
| Internal Wiring | Copper | 1.5mm Pure Silver (OCC Silver) | High-conductivity silver minimizes signal transmission loss, enhancing high-frequency extension and resolution. |
| Capacitors | Vishay Standard | Holo Audio KTE Custom | Jeff Zhu’s custom-tuned Vishay caps. Claimed to achieve “addictive voicing” 1. |
| Transformers | Copper Toroidal | Flat-Wire O-Core | Improved power efficiency and noise immunity. Directly affects bass control and background silence. |
| USB Module | XMOS XU208 | Titanis 2.0 Enhanced Module | Reduced USB input jitter and enhanced noise isolation. Improves PC audio quality. |
| Fuses | Shurter Gold | Red Nano Fuse | Audiophile-grade fuses using graphene and precious metals. Enhances power supply purity. |
3. Objective Analysis Based on Measurement Data
Here we analyze third-party measurement data from Audio Science Review (ASR) and GoldenSound (YouTube/Blog). These data prove the MAY is not merely an “atmosphere-focused” product.
Frequency Response
The MAY primarily operates in NOS (Non-OverSampling) mode but also offers PCM/DSD oversampling modes.
- NOS Mode: Exhibits typical R2R behavior with slight rolloff (attenuation) near the audible band’s high end (around 20kHz) 18. However, this gentle -3dB decline is natural filterless attenuation. This contributes to the listening impression of “absence of digital harshness” and “smoothness.”
- Linearity: Maintains complete linearity down to micro-signal levels below -120dB 2. This means delicate reverb tails and hall ambience are reproduced without being buried in the digital noise floor. While many R2R DACs lose linearity around -90dB, the MAY’s behavior is otherworldly.
Jitter Characteristics (The “J-Test”)
As ASR’s Amir stated, “Almost immune to jitter,” jitter-derived sideband noise is absent across USB, Coaxial, and Toslink inputs 2.
- Correlation: This data suggests that when using the MAY DAC, expensive DDCs (Digital-to-Digital Converters) or reclockers are largely unnecessary. The DAC’s internal PLL and FIFO buffer processing is so powerful that external device improvements are overridden. Users can prioritize streamer functionality over sonic quality.
Distortion Characteristics
SINAD (signal-to-noise and distortion ratio) for 1kHz sine wave reproduction registers around 115-118dB 5. This figure is abnormal for discrete R2R (competitors like Denafrips Terminator typically achieve 100-110dB; Audio-gd even lower).
- Correlation: This high SINAD manifests in listening as background silence and instrumental separation at high volumes (absence of congestion). Sound doesn’t conglomerate; each element emerges with clear contours—benefits of this low distortion.
4. Listening Impressions
We understand the measurement excellence. But when actually playing music, what do we experience? Does this “logical” DAC possess music’s “soul”?
| Reviewer / Publication | Quote (Translation) |
|---|---|
| Stereophile | ”Recordings are presented as ‘fact.’ No sense of processing whatsoever. As if this is the original sound.” |
| GoldenSound | ”For holographic soundstage presentation, nothing surpasses this. Speakers vanish; only music remains.” |
| Steve Huff | ”For madmen seeking to eliminate digital edge and glare, this is the goal.” |
| Head-Fi User | ”Even compared to Terminator, May’s NOS mode is truly closer to analog.” |
Bass (Low Frequencies): R2R DACs traditionally excel in low-frequency texture, but the MAY’s bass combines “substance” with “resolution.” Bass drum kicks aren’t merely “thud” sound pressure but visual bass where you can see the beater’s impact moment and head deflection. Compared to Denafrips Terminator’s “muscular, forceful” bass, the MAY is “deep, controlled, and smear-free” 8. Nothing surpasses its sub-bass gradation expression crawling along the floor. Rock-solid foundation supports the entire musical structure.
Mids (Midrange): The vocal band is where the MAY works “magic.” The “dry,” “sterile” quality typical of well-measuring DACs is entirely absent. Voices have blood flowing through them; throat moisture and subtle nuances during breath intake emerge vividly. Some reviewers describe this as “warm,” but it’s not tube-like additive warmth. It’s “warmth revealed by completely removing digital roughness to expose original timbre” 4. Exceptionally smooth, exhibiting liquid flow.
Treble (High Frequencies): NOS mode’s characteristic non-piercing highs. Cymbal crashes and violin harmonics naturally decay and dissipate into the air. The sensation that so-called “digital glare” has been physically shaved off. Where Chord DAVE’s FPGA-based approach draws “razor-sharp, ultra-high-resolution” highs, the MAY presents “landscape under natural light”—highly resolved yet never ear-fatiguing 21.
Soundstage & Imaging: As the product name suggests, holographic soundstaging is its greatest feature and weapon. Images deploy deeply behind the speaker plane; depth penetration is phenomenal. Between instruments exists complete “black space,” each sound floating in air without mixing. Left-right spread is ample, but the truly noteworthy aspect is front-back layering 11. With orchestral music, you’ll tangibly grasp the distance between first violins and woodwinds behind them. The illusion that concert hall air has been transported into your room.
5. Evaluation
Here we score the Holo Audio MAY (KTE) across five axes with detailed rationale.
| Evaluation Axis | Score (5.0 max) | Detailed Commentary |
|---|---|---|
| Technical Performance | 5.0 | Modern R2R’s pinnacle. Engineering perfection in jitter immunity, linearity compensation, thermal management. Measurement maniacs satisfied. |
| Musical Appeal | 4.5 | Sound pursuing ultimate “naturalness.” However, those seeking flashy presentation or “emotional” coloration may find it “too serious.” |
| Build Quality | 4.9 | Full-aluminum machined chassis, copper side panels, orderly internal PCB. Substantial heft satisfying ownership desire. Remote quality also high 6. |
| Price/Value | 4.5 | While expensive in absolute terms, considering performance rivaling $10,000+ high-end units, it’s a bargain 4. |
| Future-proofing/Serviceability | 4.0 | FPGA firmware updates possible. However, as a Chinese manufacturer, warranty service (dealer shipping, etc.) may involve time and cost risks. |
Bias Check: If we must cite flaws, they’re “size and heat generation.” The dual chassis consumes rack space, and Class-A operation produces substantial heat 12. Additionally, NOS mode playback ruthlessly reflects source quality, so poorly recorded pop music is reproduced “poorly as-is.” For better or worse, this excessive source fidelity may be selective.
6. Competitive Landscape Analysis
Where does the MAY DAC sit in the market, and who does it compete against? This price bracket marks the “high-end entry point”—a crowded red ocean.
The Rivalry: Direct Comparison with 3 Major Competitors
1. vs Chord DAVE (~$20,000-25,000)
This is “Science vs Nature” warfare.
- Chord DAVE: Transient response demon. Frighteningly fast attack, microscope-level detail resolution. Sound projects forward at the listener.
- Holo MAY: Emphasizes time-domain naturalness. Attack gentler than DAVE, but superior in decay and reverberation beauty. Soundstage expands backward (laid-back).
- Conclusion: For analytical listening, DAVE. For musical immersion and relaxation, MAY. Considering price differential (DAVE costs 2-3x MAY), MAY’s cost-performance advantage is stark 21.
2. vs Denafrips Terminator Plus / II (~$8,000-10,000)
Fellow Chinese high-end R2R and primary rival.
- Terminator: “Macro-dynamics” king. Superior bass punch, tonal density, energy. “Dynamic” sound conveying rock and jazz heat.
- Holo MAY: “Micro-dynamics” master. Superior silence, transparency, delicate nuance expression. Slightly more “refined,” “static” sound than Terminator.
- Conclusion: For power, Terminator. For transparency and measurement performance, MAY 12.
3. vs Rockna Wavedream Signature (~$15,000-20,000)
Romanian R2R aristocracy.
- Rockna: Distinctive “luster” and “sensuality.” Denser R2R-characteristic organic texture, adding magical realism (certain presentation) to vocals and strings.
- Holo MAY: “Colorless transparency” compared to Rockna. Less coloration, more source-faithful. If Rockna is “beautiful painting,” MAY is “polished window.”
- Conclusion: For romance, Rockna. For fidelity, MAY 20.
Why Do Users Sell the MAY?
Investigation reveals MAY sellers typically lack “performance dissatisfaction” 4. They want “more flavor.” They seek “interest,” migrating to tube DACs like Lampizator and Aries Cerat, or musically accomplished high-end MSB Technology.
7. Conclusion & Recommended Users
The Holo Audio MAY DAC (KTE) represents a singularity in digital audio history. Where once “well-measuring DACs are boring” and “R2R sounds good but measures poorly” were truisms, the MAY renders both obsolete. Jeff Zhu created a cyborg possessing R2R soul while scientifically perfect.
If you wish to forget you’re reproducing digital sources and simply drown in music’s ocean, and if you’ll accept investing nearly six figures and accommodating two heavy, hot boxes, the MAY will unquestionably become your “Endgame” DAC.
- Purchase Recommended For:
- Those fatigued by digital “glare” (stimulus) seeking analog record-like smoothness.
- Yet unwilling to compromise on resolution or silence (S/N ratio).
- Those anxious purchasing expensive audio without measurement backing.
- Should NOT Purchase:
- Those seeking tube-like rich, dense sound.
- Those preferring aggressive, energetic sound projecting forward (Chord-style).
- Those lacking rack space or averse to heat generation.
Overall Rating: ★★★★☆ (4.5/5.0)
Setting New R2R DAC Standards
References
1. HoloAudio – May DAC (US) - Kitsune Hifi, https://kitsunehifi.com/products/holoaudio-may-dac-us 2. Review and Measurements of Holo Audio May --- Probably the best discrete R2R DAC, https://www.audiosciencereview.com/forum/index.php?threads/review-and-measurements-of-holo-audio-may-probably-the-best-discrete-r2r-dac.10161/ 3. About Us - Kitsune Hifi, https://kitsunehifi.com/pages/about-us 4. Holo Audio May KTE DAC Review Vs Denafrips Terminator DAC - Audio Resurgence, https://www.audioresurgence.com/2023/09/holo-audio-may-kte-dac-review.html 5. Holo Audio MAY DAC KTE – Kitsune Edition (R2R – DSD1024) | Magna Hifi, https://www.magnahifi.com/shop/holo-may-kte-22 6. Holo Audio MAY DAC KTE version - audioleman homepage, https://audioleman.ch/product/holo-audio-may-dac/ 7. Holo Audio May, https://eliseaudio.com/en-us/products/holo-audio-may 8. Holo May KTE Edition HiFi DAC. Did it blow me away in 2024? | - Steve Huff, https://www.stevehuffphoto.com/2024/10/27/holo-may-kte-edition-hifi-dac-did-it-blow-me-away-in-2024/ 9. Review Holo Audio MAY KTE by Stereophile - Magna Hifi, https://www.magnahifi.com/blog/reviews-4/review-holo-audio-may-kte-by-stereophile-248 10. Holo Audio May Review - Part 1 - Going the extra mile - YouTube, https://www.youtube.com/watch?v=Wa3sOSRa-U0 11. Holo Audio May Review - Part 2 - Wow… - YouTube, https://www.youtube.com/watch?v=mHcfgQtlnP8 12. Between DENAFRIPS TERMINATOR-PLUS And Holo Audio - May DAC - KTE Edition, https://community.roonlabs.com/t/between-denafrips-terminator-plus-and-holo-audio-may-dac-kte-edition/126404?page=3 13. ROCKNA Wavedream Reference Signature DAC – A Digital Audio REVELATION (Review By SoundNews), https://chameleon-audio.com/rockna-wavedream-reference-signature-dac-review-by-soundnews/ 14. What to change Holo audio may kte - What’s Best Forum, https://www.whatsbestforum.com/threads/what-to-change-holo-audio-may-kte.41146/ 15. High end DAC upgrade - I need advice! - The HEADPHONE Community, https://forum.headphones.com/t/high-end-dac-upgrade/20057 16. Kitsune Holo Audio KTE May DAC by David Abramson - Stereo Times, https://www.stereotimes.com/post/kitsune-holo-audio-kte-may-dac-by-david-abramson/ 17. Holo Audio MAY DAC Level 3 KTE User Manual, https://manuals.plus/asin/B089G6J2BG 18. HoloAudio May (Level 3) D/A processor Measurements - Stereophile.com, https://www.stereophile.com/content/holoaudio-may-level-3-da-processor-measurements 19. Gramophone Dreams #39: HoloAudio May D/A processor & Intona USB isolator Page 2, https://www.stereophile.com/content/gramophone-dreams-39-holoaudio-may-da-processor-intona-usb-isolator-page-2 20. Rockna DAC - Wavedream reference signature impressions and discussions - StereoNET, https://www.stereonet.com/forums/topic/626819-rockna-dac-wavedream-reference-signature-impressions-and-discussions/ 21. Beyond Chord TT2/mScaler - Amplifiers - The HEADPHONE Community, https://forum.headphones.com/t/beyond-chord-tt2-mscaler/20828 22. Denafrips Terminator Plus Vs Holo Audio May KTE - YouTube, https://www.youtube.com/watch?v=RA25soROau4 23. DAVE v MAY, only one will survive - Chord - Roon Labs Community, https://community.roonlabs.com/t/dave-v-may-only-one-will-survive/171297 24. Overhyped & just too expensive? HOLOAUDIO MAY KTE R2R DAC REVIEW - YouTube, https://www.youtube.com/watch?v=Fg5dt5h0ktg 25. MSB Premier vs Holo Audio May KTE - What’s Best Forum, https://www.whatsbestforum.com/threads/msb-premier-vs-holo-audio-may-kte.36979/
