There is an analog section to every DAC. So certainly some of those sections could result in some high (relative to hearing) frequency exaggeration, etc. However I have often found sibilance to be the result of a component mismatch - i.e. input impedance or an overly attenuated input signal.
Do some DACs "handle" sibilance better than others?
I recently watched a Hans B. review of the Ferrum Wandla in which he states that it "handles sibilance well," or something to that effect. Up to that point, I'd never come across such a comment, so I'm wondering whether anyone here has found that certain DACs are more/less prone to sibilance?