I apologize if their is already a thread dedicated to this DAC. I could not find one in my searches, and it certainly deserves one with its high level of price/performance.


Full review with measurement graphs can be seen at


www.euphonicreview.com/reviews-home/smsl-d300-the-giant-slayer


below is the entirety of the review text along with photos.


As much as I might dream of having the Luxman for test, it will be this diminutive little S.M.S.L D300 which introduces us to the flagship DAC of ROHM's 'MUS-IC' chip lineup, the BD34301EKV.


The Design


Some cursory research revealed that ROHM Semiconductor is a Japanese electronic component manufacturer that produces a wide range of products, including integrated circuits, diodes, transistors, LEDs, and other electronic components. Founded in 1958, ROHM today is one of the largest electronic component manufacturers in the world, so they have been around the block for quite some time, and seem to know what they are doing, because as implemented in this particular S.M.S.L DAC, the sound is simply stunning. Lucky me, and lucky anyone else who owns an S.M.S.L D300!!


Unfortunately, however, when I first opened the DAC, I was underwhelmed by its build quality. It is made of quite thin sheet metal with a rough, industrial black finish. Also, the chassis rattles excessively. Even the PCB rattles on its chassis attachment posts. Not a great start with the visual and tactile experience. The remote is nothing special; it reminds me of a stripped down Roku streamer remote. But, it works and is easy to use. You really can't ask for much more of a remote at this price (unless you want an Emotiva aluminum brick that doubles as a weapon in event of home invasion :-; ).


The LCD screen has somewhat poor off angle viewing contrast, but overall is adequate and functional. It will display the source of playback, the playback outputs (XLR or RCA), as well as the type of playback signal and resolution. Set-up options are displayed here as well. The display, remote and front panel controls all function well and are easily accessible. The D300 is also a very easy DAC to setup, with only a few end-user choices.


Judging from a look on the inside, it appears the S.M.S.L D300 uses a switch mode power supply; one that is very well regulated at that, based on the superb measurements.


Other technical points are this unit receives audio via Asynchronous USB up to 768khz PCM and DSD up to 512fs. Other digital inputs are SPDIF, via both Coaxial and TosLink connectors, which accept up to 192khz PCM. (SPDIF will also accept DSD64, however, take note of the firmware issues and requirements discussed later in the review.) The D300 has balanced XLR outputs that max out at 4V RMS, along with RCA single ended connectors that max out at 2V RMS. There is a variable volume mode setting with max voltage output at 4.5v (XLR) and 2.3v (RCA), however, this works ONLY with PCM signals. DSD stays 'bitperfect' at 1-bit with no DSP all the way to the final FIR filter conversion to analog. Therefore, DSD is available only in fixed output mode.


As you peruse the D300 menu, you will find a mode called 'HPC' (High Performance Calculation). The ROHM DAC HPC mode is a feature of certain ROHM DACs that enables high-precision digital signal processing.


In HPC mode, the DAC uses a more advanced algorithm to calculate the analog output voltage from the digital input code, resulting in higher accuracy and lower noise. This mode is particularly useful for applications that require precise control over the analog output, such as audio equipment, instrumentation, and control systems. It also may cause greater latency, which could be an issue if using the D300 DAC with another source such as video.


Only a couple of disappointments before we move on. First is yet again we have a lack of MQA. This is seemingly more and more the case for DACs or DAC/head-amps in this price range, and I am sure hitting price points has something to do with the omission as it doesn't come free and must be licensed. MQA is a divisive subject, and a great many of you probably will be saying 'So What?' at this point. Personally, I find MQA to sound quite exquisite, and accomplishes exactly what it sets out to do as a DSP, which is eliminating time smear digitally nor adding new time smear at analog conversion. In its place, however, the D300 gives one virtually every kind of Bluetooth connectivity imaginable, including high-res LDAC and aptx HD.


The most MAJOR disappointment, however, is with the behavior of the DAC playing back DSD files, depending on your firmware. While I was waiting for my review unit to arrive, I read quite a few anecdotal reports of very loud 'pops' and 'clicks' when switching between PCM and DSD files, and vice-versa. This is a legacy issue that should have been resolved years ago, so I had a look into the the ROHM BD34301EKV DAC datasheet, and indeed it shows a competent muting relay that should be in effect when switching between the major formats.


Once my review D300 arrived, I experienced no such issues. My playback software chain starts with Roon server on an HP All-in-one-PC, directly connected to the DAC via WireWorld USB cables, with a Topping Galvanic Isolator before USB enters the DAC.


Trying to trigger this phenomenon as noted by quite a large group of users, I switched from DSD Native playback via ASIO to test DSD over PCM (DoP), and found in this configuration, there was no DSD playback at all. Only a background hiss was present on any DSD file of any rate. After some research I discovered there is a firmware update issue here, and you must decide how best to deal with it in your system.


For me as a PC user that streams all DSD via native ASIO, there is NO issue at all with the original 1.0 firmware. Using only ASIO, all playback regardless of sample rate or format switching is perfect with no noises, scratches, pops. etc. If you have lots of files on PC and use ASIO, you may like myself wonder what all the fuss is about. Everything works to near perfection on firmware 1.0 via a PC. The issue will come if you need to use DoP for DSD streaming. It will not work via firmware 1.0. Firmware version 1.1 is required, and while this fixes the DoP stream issues, it adds its own problems when switching between file types. The 'smooth operator' via ASIO on firmware 1.0 is gone. Now switching file types, especially DSD to PCM and vice versa, can cause very, very loud blasts of noise.


For those of you who NEED DoP (perhaps you have a MAC, or wish to use the SPDIF input for DSD) you will need to update to firmware 1.1. In this case though, I am afraid the consensus is you will experience notably loud, perhaps damaging to ears and/or equipment pops or noises. You will need to take extra care to turn down your preamplifier when switching file types until the next firmware drops, presumably with a fix.


That said, used in my playback system as tested, with PC ASIO driver and 1.0 firmware, this is simply an amazing DAC. I don't think I have ever truly believed in the 'giant killer' piece of kit, that at a reasonable price, is as good or even better than more expensive industry stalwarts. Sure, some cheaper equipment will acquit itself extremely well. That is really the entire purpose of EuphonicReview.com, finding the best of the best under 10,000 US dollar kit that stands toe to toe with the top 1 percent of the industry. But I feel like I struck gold here. I found the lost Ark, and mapped El Dorado. Drank of the Holy Grail and found the Akashic records. I believe I have found one of the great audio myths, the great Unicorn...... The S.M.S.L D300 is the budget esoterica Giant Slayer.


The Tech


I let the D300 run for about 48 hours straight on a loop of my favorite albums before I had any real listen to it. My first impression was that this DAC sounded a lot like iFi Audio. It had little in common sound-wise with the last couple DACs that came through the EuphonicReview.com lab, both of which were 100 percent Delta Sigma DACs. One with AKM tech and one with ESS tech.


And as weeks went by, I keep coming back in my mind to similarities in sound shared between iFi DACs with their Burr-Brown DSD1793 Segment DAC, and this particular S.M.S.L with its ROHM BD34301EKV Segment DAC. Both have excellent detail without being 'overdetailed' or strident. They both possessed a 'naturalness' to them rarely heard with Delta Sigma DACs and more often heard with R2R 'PCM native' type DACs.


Unfortunately ROHM provides little information on how their segment DAC divides each digital word, however, my guess or my gut says it must be doing something similar to the Burr-Brown Segment DACs. We already know that one part of the ROHM segment DAC converts the output of a Delta Sigma Modulator into analog. This is directly indicated. We know as well it is a current segment DAC with voltage used as reference. This information that we do have seems to imply a similar architecture to the Burr-Brown (Texas Instruments) Segment DAC.


The Burr-Brown converts the 6 MSB's (Most Significant Bits) via a 64 level thermometer code, and the rest (18 bits if the digital word is 24 bit) is converted via a Delta-Sigma Modulator. You could think of those 6 bits/64 levels of thermometer code like a super-linear R2R converter, since you have all levels equally represented and you can use scramble code to completely randomize the bits used for any given number. Furthermore, the so called 'zero crossing error' and its resulting high noise at low levels near the sine wave crossing point from positive numbers to negative numbers, which is inherent in Native PCM DACs with 'full' R2R architecture, is avoided in segment DACs that use Delta Sigma Modulation for the LSB's. (Least Significant Bits.)


Here in the S.M.S.L D300, the ROHM BD34301EKV segment DAC again gives a similar vibe to the iFi DACs based on what is likely a similar architecture. A very lifelike, realistic sound that is completely natural and never harsh. A sound full of fine detail but never bright. It has a midrange that draws the listener into one of those 4 hour listening sessions where the time just disappears.


As similar as I find the sound of the S.M.S.L D300 to iFi DAC's built around the Burr-Brown (TI) DSD1793 chips, there are certainly differences as one might expect. The iFi implementation has notably higher even-order harmonic distortion, which gives iFi something of a 'tube like' sound in addition to what has already been discussed.


The S.M.S.L D300 has lower harmonic distortion levels, which means the DAC itself offers less 'editorializing' on the sound of the final product. Whether this is good or bad could be as simple as listener preference, which makes one pine somewhat for the 'good old days' of the local store where one could bring their CD's and sit and listen for hours on end and compare different kit to the heart's content, or until the store manager ran one out of said store. One didn't need to read a dozen internet opinions when all you needed to really bring was a pair of ears.


Also similar to the iFi DACs, the S.M.S.L D300 is a true native DSD converter. DSD is converted to analog by using the switches of the segment DAC as a Fixed Impulse Response Digital to Analog Converter/Filter. The process starts with sending the 1 bit serial DSD bitstream through a series of shift registers that could, depending on implementation, run from 4 samples in length, to 32 samples or more. Each set of now many parallel 1 bit signals, offset by one clock cycle, triggers bit-switches that are then summed together as analog current. This very much is digital FIR filtering implemented in the analog domain with discrete parts. However, these DSD Digital to Analog 'MOVING AVERAGE' filters that have 32 or more samples/taps are very long and are NOT optimal for lower rate DSD. The cutoff frequency, transition band and stopband at DSD 64 can be no better or EVEN worse than low-rate PCM. Such is the case with the S.M.S.L and its first two filter options.


WHY DID YOU LIMBO SO LOW?


DSD Filters 1 and 2 are both way too long for my liking, especially at a DSD 64 rate. The -3db fc cutoff frequency for DSD Filter 1 at DSD 64 is an extremely low 13khz!! As long as the coefficients are unchanged, a speed doubling of the DSD bitstream will also double the cut of the filter. Which means DSD 128 using DSD Filter 1 now has a cutoff of 26khz, barely above the 48khz PCM Nyquist limit for the sake of comparison. The pattern continues as speed doubles, with DSD Filter 1 cutoff at 52khz with DSD 256 material, and 104khz with DSD 512 material.


The really good part here, though, is unlike the previously reviewed Topping E70V that had a DSD 64 cutoff at 19khz, with no user choices, the S.M.S.L gives you enough choices. You will be able to find a DSD filter to your liking here, and I think this is of such great importance, since in my experience it is indeed the time domain behavior that gives DSD an advantage. When planning for the necessary removal of the DSD extreme high frequency noise, one must keep in mind time domain performance and never forget the fact that DSD is a 'time splicing' format which derives its resolution from the time domain.


DSD Filter 2 and 3 have cutoffs that match the pattern already set in Filter 1. DSD Filter 2 cutoff starts at 26khz with DSD 64, and doubles accordingly throughout all the way to 208khz at DSD 512. My personal choice, however, is Filter 3 with all DSD material. Its DSD64 cutoff begins at 52khz, and doubles with each speed increase, settling in finally at 416khz cutoff at DSD 512.


Although a DSD 64 FIR cutoff of 52khz is quite well enough, part of me wants to say this is a true native DSD DAC that wants to 'fly', though, and will respond extremely well to external upconversion from programs like HQPlayer or even Roon. Other than the extremely low filter values of filter 1 and 2, it turns out this is an exceptional DSD DAC and competes as one of the very very best in the price range and beyond.


LISTENING TESTS


(Note all tests are done with Roon as source on PC, along with iFi ZEN CAN as analog head-amp with Sennheiser HD650 'phones. Topping galvanic isolator is used between PC source and the S.M.S.L DAC. All connections are balanced. All DSD uses Filter Choice 3, All PCM uses the Slow Rolloff Filter)


I began my listening tests with a Bill Evans recording that seems to have been 'lost' for some while, then when 'rediscovered' played back as a treasure trove of smooth jazz gifts. (You may read into that the word 'bootleg' lol.) I am writing about the Bill Evans "Another Time /The Hilversum Concert" as re-mastered and digitized by Rene' Laflamme via the 2XHD Fusion system, full of Nagra Tube based decks and electronics. The DSD 256 digital version, made on the Merging Horus ADC, reviewed here as played back by the S.M.S.L D300 is a remaster by Laflamme direct from the analog tape domain. In this iteration of the trio we get Evans, along with Eddie Gomez on Bass and Jack DeJohnette on drums. This performance came only days after the more well known 'Some Other Time' by the same three in trio, and the performances are as spectacular as ever.


Beginning the with the track 'Alfie', the unmistakable tonal keystrokes of Bill Evans piano begin slightly to the left and in back of the soundstage, with Eddie Gomez coming in tight on the right and in perfect balance with the piano as if the S.M.S.L is painting two instruments as one, in perfect harmony. Jack DeJohnette comes in on the bass with a startlingly realistic 'growl' that might cause one to mistake this under $500 S.M.S.L for a much more expensive reference system. (That will not be the only time for this kind of reaction.)


Around 2 1/2 minutes into the track the complexity begins to pickup, but the lightest of brush strokes by DeJohnette are never lost in the mix no matter their gentle nature. This seems like smooth jazz at its perfection, with every stroke, note, improvisation and rhythmic idea seamlessly blended in the track and always done justice by the S.M.S.L. Part of this is the fact that the S.M.S.L is a true native DSD DAC, and a top notch DSD256 track is destined to shine on a DAC that only uses a FIR filter as the Digital to Analog converter.


Next on the demo list was the Yuki Mabuchi Trio's self-titled album, with Mabuchi on Piano, Del Atkins on Bass, and Bobby Breton on drums. This is a Yarlung Records album, and is one that belongs in every audiophile's collection, whether on Vinyl (from analog tape) or DSD256 Stereo via the same Merging Horus used in the remastering of the previous Bill Evans album. Bob Attiyeh and Arian Jansen are responsible for both the Analog Tape master and this DSD256 stereo master recording.


The track that sets it all into motion is "What is this Thing Called Love?" Instantly noticeable is the large soundstage. The stage could be a bit deeper, but it is certainly wide, in a very impressive manner, creating images well outside the head to the left and right of the Sennheiser HD650 headphones. The bass is distant, but unlike lesser DACs is never lost. Its presence is always there. The string plucks are clear and well defined. Dynamics are a show-off characteristic of this recording, especially with the piano. From crystal clear shimmering highs to powerful bass notes and full chords, the piano is a pure delight in the hands of Yuki Mabuchi. Approximately 3.5 minutes in, the piano seamlessly hands off to the bass, and the purity of tone as these two instruments match and blend into and out of one another is stunningly reproduced. It is in these kind of moments when my critical mind shuts down, and knows I am completely, blissfully satisfied and hearing music, not simply critiquing sound. Around 5 minutes in, it is time for the DAC to surprise me yet gain, as the drums come on with such intensity and dynamics. Transients are super sharp, with no overhang, and individual strikes are captured masterfully. Their variances of tone is easily distinguished! Masterful work, S.M.S.L.


I followed all this DSD 256 gluttony with a 24/96 recording of "Stepping Out" by Diana Krall. The track I chose for evaluation was "Between the Devil and the Deep Blue Sea". I am afraid what you are about to read will sound like a broken record. Transient response is truly excellent with no sacrifice of gentleness or nuance. Drum kit brushes are very smooth, but not so smooth they lose their realistic shimmer and overtones on cymbals, as has been the case here at EuphonicReview.com with recently reviewed DACs in this same price range.


Imaging is superb. Everything is in its place in an exacting nature, creating a true illusion of being in the recording space. Bass might be a tad stronger by preference, but it is tight, with no overhang or out of place tone. At this point, the slightly shy bass was the only reminder I was listening to a sub 500 USD DAC! Everything else just sounds 'right' and 'hi-fi'. In words you cannot explain it, but when you hear it, you KNOW it.


I admit I am trying hard yet struggling to find any real criticism here, other than that already mentioned of build quality. Sound quality is first rate, and would deserve a place in almost any hi-fi system. A double blind test between the S.M.S.L D300 and any 10,000 USD DAC of your choice may offer up some surprises. Whether these are good or bad surprises depends on who you will talk to!


The name of my multimedia sites are Euphonic Review, and euphonic and S.M.S.L D300 go perfectly together. This is truly in my ear a euphonic sound that I could listen to for many, many hours on end. What a guilty pleasure for such a lowly price.MEASUREMENTSThe S.M.S.L D300 comes very close to its advertised specifications as determined here in our lab at EuphonicReview.com.The D300 has right at 21 bits of resolution with an A weighted SNR of -125.8db.


Total Harmonic distortion is excellent at -123.1db.


SINAD is a robust 114.1db.


Channel Separation at its worst is a strong -113db.


Jitter measured at 24bit/44khz is a vanishing low 6.6 picoseconds.


And so the trend continues. Measurements show that most modern DACs are very well engineered. Myself nor anyone else really knows where that crossover point into inaudibility is located; all I can say is I believe we passed whatever it is some time ago.


As usual, if you can, use your ears!! They will always tell you the truth. They speak to you. There are DACs reviewed on Euphonic Review that measure better than this S.M.S.L, however none of them sound anything like the D300. The D300 musical reproduction trumps them all. So keep these things in mind, and perhaps think of measurements as I do... they will not show you a good piece of kit as much as they will reveal a bad one. Everything checks out here with the S.M.S.L D300. It is as good, maybe even then best, a sounding piece of kit at this price I have ever heard.


OUR RATING: (0-10 scale. 8 or higher numbers represent best of industry. For the final score calculation, each category is given a (undisclosed) weighting and is tallied for final score. Although perfect 'fairness' is unlikely, our system tries to be as unbiased as possible.


sound quality: 9.0

build quality: 7.0

ease of use: 9.3

measurements: 10.0

value: 9.8


TOTAL RATING: 91.9/ 100


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