I think I figured why.Keep it at 4.5v.
So I am outputting DSD256 (HQPlayer) from the DAC.
So the output level will be half of PCM? So I am getting the equivalent of 4.3V/2 = 2.1V ?
So now I've changed Cosmos ADC to 1.7Vrms dip switch setting.
HQPlayer also has -3dB volume attenuation.
These numbers now seem to make sense (assuming my above makes sense?)
Thoughts? This is iFi Zen DAC Signature V2