braunhi-fi
IMO you will not get any DAC better than the Terminator II for less money, you will be going backwards or sideways at best. You may find some other DACs for similar money that you like the sound signature more, but that is a matter of taste.
The Holo Audio May DAC KTE is a really good DAC, but I tested it head to head with a T2....and the T2 bested it; and the KTE is the same money as the Terminator II
If you want a better DAC, you may be spending quite a bit more money.....not less; especially if you want to stay with an R2R DAC