A quick update about the JM20 Max with Fiio KA11 firmware. The hardware volume control, or the impedance sensing circuit is partially broken by this firmware. I hooked up the JM20 Max to my phone and got audio on one side only. At first I thought that the IEMs I used were broken. Then I opened the Fioo app and looked at the volume control and it was all the way down to zero. I started adjusting the volume and the one side that was initially dead came back, but the L/R balance was all over the place. Resetting the USB connection temporarily fixed the volume, but when I disconnected the IEM from the dongle and inserted an impedance adapter, the volume and the balance went haywire again. I never had this issue with the original firmware.
I don't think the JM20 Max is 100% compatible with KA11. They use the same hardware, but it might not necessarily be configured with the same options. These ICs have pins that can be either shorted or loaded that enable certain functions, and I suspect they are configured differently on the JCally hardware than on the Fiio hardware. That's why things don't behave exactly the same.
Flash on your own risk.