The measurements are fine with me.
I don't know what you have.
To be honest, I find it presumptuous how you deal with things like this!
As I said, the measurements are OK, but where is Amir's assessment of the sound, which is usually found everywhere else?
There is not a word about it and the thread is torn to shreds about any measurements, assumptions, even lies.
If it was a Holo Audio Dac, you would have heard it for sure, wouldn't you?
On YouTube there are a few positive reports about this R2R Dac, up to a sound sample between 2 other devices that are higher priced and purely sound-wise the Ladder does a good job.
The Ares 2 looks less good in direct comparison and people still buy the Ares 2 just to save a few $/€,which is okay.
Sure, it almost looks like an Ares 2, but it's not.
It also has some technical stuff that is better than the Ares 2.
Another point to note is that it will probably work a lot better under I2S.
Ladder is also not a Shenzenaudio brand, as there are other products from the Ladder company.
You would know that if you had looked into it.
The only thing you can really criticise is that the spec data is missing, as well as the missing manual.