@georgehifi
Mojo is right in one sense but they neglect to mention that ladder DACs do a poor job of maintaining linearity.
Basically a ladder R2R DAC has poor linearity but low noise and converts PCM natively.
A single delta sigma DAC has perfect linearity but has high noise and requires PCM conversion to DSD.
I think the current best solution is a hybrid style DAC like the ESS Sabre 9028 chip set. It has a massive amount of 1 bit sigma delta converters that can be summed to create an R2R equivalent up to 9 bits in some implementations.This could be called a massive ladder DAC with only 1 bit steps. The beauty is that by random selection of the choice of 1 bit signs deltas used in conversion this chip can ALSO achieve great linearity as well as low noise.
In essence the ESS 9028 chip is a true ladder DAC and not like a traditional R2R with just a few oddly spaced steps of 1, 2, 4, 8 , 16 , 32, 64 etc. but with a massive amount of 1 and 1, 1, 1..... ... 1,1 and 1. ( up to 512 1’s in some implementations with 4 chips)
This hybrid style chip is bringing the best of both worlds - high linearity and low noise! It appears to be the latest way forward and appears in several DACs already since late last year. Obviously further improvements will come but in all honesty R2R ladder DACs ran into a performance brick wall over a decade ago - stuck by the production limitations of accurately building resistors to such an impossible degree of accuracy (the lower resistor in a 24 bit ladder DAC must be EXACTLY 1/16,777,216th of the highest resistor and so on and so forth with ALL the resistors require impossible extreme accuracy in order to maintain linearity)