It’s pretty light load, not any worse than DSD256 with something like ASDM7EC-fast. With DAC200, keep the 60 kHz analog filter engaged, and the corresponding DAC correction as well.
I seem to remember @dabassgoesboomboom recommended the Audalytic AH90 more than once.
I had one in my Amazon basket for quite some time but they never came back into stock. I have less of a need for one now, but it still appeals as a good device
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For measurements Under 100kHz I’ve not seen any measurements with the higher priced DACs do significantly better in any measurement.
Maybe some small improvements in some measurements but not in others.
The major difference is seen above 100kHz so you have to decide if that matters to you or not. With AH90 this DSD noise is fixed, it doesn’t change with music signals
AH90 needs some basic tech knowledge to install the required DSD Direct firmware and you can even run the latest NAA inside the DAC, so it is an NAA streaming DAC. We’ve shared all these instructions in this thread.
AH90 has excellent built in SMPS with no noticeable SMPS noise in any measurements but also has 12Vdc input if you want to (potentially) ruin these great measurements with a linear power supply 
SMSL D200 is an easy recommendation also but not as excellent as AH90 across < 100kHz measurements
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I got the following:
Requested filter not possible with this rate combination 44100/49152000, stop
Combo was sinc-MGa + AHM7EC8B at DSD1024. Source was 44.1. I’ve used sinc-MGa with a bunch of other modulators without issue.
Ignore all that. It was config error on my part…
On the “home” screen if I set a samplerate it will jump base rates. I set it to 49152000 which appears to have tried to jump base rates? If I set 49152000 in configuration as “rate limit” then leave samplerate “auto” on Home it does the expected thing, or thing I want it to do, and plays back at 45158400.
All sorted… testing with:
1x sinc-MGa AHM7EC8B 45158400/1/2 R
Nx poly-sinc-gauss-hires-lp AHM7EC8B 45158400/1/2 R
Yes, you can request a specific rate explicitly. Then it depends on you filter selection whether it is possible. sinc-MGa cannot convert between rate families, while poly-sinc-gauss-hires-lp can.
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I got a loaner Topping D900 with latest firmware to test.
DAC is measured with DSD bypass line out mode. PCM input vs DSD256 input from HQPlayer using ASDM7EC-fast modulator.
1 kHz THD test tone:
IMD:
Jtest:
Multitone:
IMD sweep (sorry, forgot to disable the waveform and spectrum for 44.1k output):
Example of IMD at -50 dB level:
TIM100:
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Can you share your Pico measurements? And from your Pico measurements with different modulators, are you convinced this DAC is now true DSD Direct, with firmware fix?
Measurements look good at DSD256 but nothing significantly better than significantly cheaper NAA streaming Audalytic AH90 DAC (with firmware fix).
And for the price of D900 in my country, can get Spring 3 Level 1
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Much more affordable Topping Centaurus (with the Cyan2 D to A) got firmware update same date as D900. I wonder if that is performing as true DSD Direct. Both release notes don’t mention anything about the DSD Direct mode
Topping said they cannot fix DSD Direct for D90 III Discrete. But said that they can for D900. And so far it seems to work. I got some wide band measurement results from one HQPlayer user and it looks promising.
I know D900 requires latest firmware to get the direct mode working properly. D90 III Discrete is similar, but maybe different enough. Possibly D900 has some FPGA/CPLD to route data past the same chip used for oversampling/modulators on both.
Yes, I will do that tomorrow.
DSD Direct only works at DSD128 and DSD256. So it’s like the AK4499EX.
And as a side note, D900 only works with 44.1k-base DSD. 48k-base DSD doesn’t work correclty.
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Interesting, D900 is 1700€ here and Spring 3 Level 1 is 2540€ (only available online).
Yes thats exactly why i mentioned my country, knowing it will vary a lot around the world depending on x, y, z
There seems to be a new Audalytic DAC available:
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If I can get a loan I will measure.
The PCM R2R measurements they show are worse than my AH90 DSD256.
Would be interesting to measure DR70 DSD inputs and verify if truely DSD Direct.
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Sorry, but what is DAC correction? 
Is it something within HQPlayer or in T+A DAC200?
Have this DAC at home for trial and using it with HQPlayer.
It is a feature in HQPlayer. You can find it under matrix configuration, as a post-process plugin. So you enable matrix processor, the post-process plugin and then select the correct DAC setting from the drop list. For DAC 200 there are two, for the two DAC 200 configurations; with and without the 60 kHz analog post filter. I recommend to keep the 60 kHz filter enabled and choose the corresponding correction profile.
Work to do, thanks!
Enabled the 60 kHz filter as can be seen in the screenprint, right?
But where can I find the corresponding correction profile?
Maybe a new topic?
You have it selected there. Now just check that your DAC200 settings match that.
So your correction selection needs to match the DAC settings.
So in status information the display of DAC200 shows filter: LP 60k, right?
Yes, exactly. Then you know the correction and DAC settings are matching, which is very important for correct operation.