no both HDCD and 24/96 simutaneously

the DAC claimed to be with both function is not ture since both function contradict to each other.
You will probably find (as I did) that playing an HDCD disc through an upsampling 24/96 DAC without HDCD sounds better than HDCDs played back through a converter with HDCD at the 16/44.1 standard (even those using high quality 20-bit DACs). Once you go to 24/96, HDCD seems unnecessary, at least to my ears.
I found the same to be true, at least listening to the MSB DAC III, which has both.
Having two on my side already -the posters above-here are my observations. I have Theta gen5a, ordered with hdcd. I have many hdcd cds. Couple of years later,updated to 24/96. The best 300 I ever spent.Made all my cds sound MUCH BETTER than any of my hdcds.Maybe some rigs sound great with.I'll bet the same rig with 24/96 will sound better---but maybe not all.your milage may vary.