I haven't heard a Pontus II 12th DAC, the insides look fantastic and it has rave reviews. How it sounds is more important than measurements but when spending $2449.00 you should only accept excellence.
Golden Sound has measurements:
https://goldensound.audio/2023/01/08/denafrips-pontus-2-12th-anniversary-edition-measurements/ "
This shows that the DAC is unfortunately NOT actually NOS, but instead oversampling in a way that mimics a NOS output.
Similar things are done on the RME ADI-2’s ‘NOS’ filter for example (though they’re quite transparent in the manual about what that filter is.)
I now have a higher bandwidth oscilloscope and if I get a 12th Anniversary DAC back in I’ll do some further testing.
"Does this matter?
It depends.
From an audible standpoint? Likely not. I can’t imagine the difference between genuine NOS and ZOH Oversampling at 768khz or higher is going to be audible so long as other forms of DSP and dithering are absent.
"But no matter how inconsequential or unimportant something might be, don’t lie to your customers!"
Clink on link for charts and more measurements.
https://goldensound.audio/2023/01/08/denafrips-pontus-2-12th-anniversary-edition-measurements/The HoloAudio DACs (Spring and May) have better measurements at a slight price increase, these two DACs are true NOS which will give you a truer analog sound. Also because all true NOS DACs use analog filters the high frequency roll off starts sooner than a DAC that oversamples, which will help with high to mid freq harshness.
Stereophile measured the HoloAudio May KTE DAC
https://www.stereophile.com/content/holoaudio-may-level-3-da-processor-measurementsFig.7 HoloAudio May, NOS mode, frequency response at –12dBFS into 100k ohms with data sampled at: 44.1kHz (left channel green, right gray), 96kHz (left cyan, right magenta), and 192kHz (left blue, right red) (0.5dB/vertical div.).
Using a computer based music server to convert PCM to DSD256 using HQPlayer will also mitigate harshness but that's another ball game.
I am biased. I use both the HoloAudio May and HQPlayer and find the sound flawless.