I thought the Emotiva was a DAC
Yes and no. The ERC-3 is a CD player, and does have its own internal DAC (delta sigma). It also has digital output capability which bypasses the internal DAC. I am using the digital AES/EBU output and have it connected to the Yggdrasil AES/EBU input. (which by the way, Moffat claims AES/EBU to Yggy is best)

