Has anyone compared the Terminator Plus to the Holo Audio May (KTE edition)?

I know each of these has been discussed separately on this forum, and I've seen comparisons between the original Terminator and the Holo Audio May.  But I haven't seen direct comparisons between the Terminator Plus (which is supposedly a substantial upgrade to the original) and the May.  So I thought I would pose the question. 
I'll be upgrading from my Chord Qutest soon (I like the Qutest a lot, but I know there's better out there), and my budget will be around 5 - 9k.  I'm interested in R2R DACs because of their supposed natural/analog sound.  And I've heard/read that these two R2R DACs punch above their price points.
While both use similar dac technology, they are apparently quite different in terms of their output voltages and other electrical characteristics which should be taken into account prior to purchase. Not all dacs go well with all preamps or other components down the chain.

by the way, I went from qutest (with linear power supply) to may level 2 to wells audio cipher tube dac and found improvements with each upgrade.
Thank you both for the replies.  I had never even heard of the Cipher.  I might have to add it to the mix of options.  Currently I'm leaning toward the Mojo Audio Mystique.  Also considering a T+A DAC.  Cheers,
No familiarity with these, or the dac Im about to make you aware of, but it is an R2R and looks phenomenally well built

Underwood HiFi https://www.underwoodhifi.com/products/audio-gd
Thanks. Looks promising. I'm a big believer in "clean" power, so the following really piqued my interest:  "The DAC uses a regenerative power supply, (similar to a PS Power Plant)"
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Thank you.  I might very well end up going the T+A route.  But if I do, it will likely be a newer model than the DAC8.  I emailed T+A earlier this year to ask if they had a newer model DAC in the works, and they said yes, and that it should be out in the latter half of this year.  
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I had a Holo Audio Level III Kitsune DAC and just received the new May. Well, I can tell you this is a wonderful sounding DAC right out of the box. I'm in the process of burning it in now. You really can't go wrong with it as far as I'm concerned.
Hiphiphan your op question of the Denafrips or Holo Audio is no longer of interest suddenly, going over to AudioPhileStyle to read through the Holo Audio thread could verywell change your mind on the T&A including the Denafrips,.. 
Well it’s a long thread maybe you missed the comments of a couple owners of the TA including at least one member that had I believe 3 dacs at once including Denafrips.
I can’t pin point where in the thread that is though I believe it was a month ago when they chatted about their experiences,
Ok, gotcha.  I'm curious enough about it to search for that part of the thread (although it won't be 100% applicable to my situation, since the T+A DAC I am considering is going to be a newer, improved model - closer to their flagship DAC).  Thanks for the feedback.
I just had a customer do a side-by-side between the Weiss 501 DAC and a Denafrips Terminator+ and he said it wasn’t even close.  The Weiss is far better.  He does place a premium on detail and imaging vs warmth.

In addition to the Weiss 501 which is an awesome DAC, I would look at the Rockna Wavedream Edition, the Audiobyte Hydra Stack (VOX, ZAP & HUB) though the hub is delayed and even the Chord TT2 and MScaler which could be in range with a trade of the Qutest.   I think all would be a step up from the Terminator+.  
Thanks. John Atkinson was very impressed by the 501's bigger brother. I might have to add Weiss to the list.
The difference between the 501 and 502 is the headphone amp.  The 502 has a fully balanced headphone amp while the 501 does not.  The DACs and other features are identical between the two units which is why there is only $1000 difference in price.  
I have been using a Denafrips Terminator+ with Gaia DDC for about a year now, and the source rig is a BIG step up from my last source, which was Auralic Aries G2, Vega G2 and Leo GX clock. That was a an $18k MSRP stack that does not hold a candle to the Terminator+.

Of course just my opinion, like others. No better, no worse.

For reference, my system consists of:

Harbeth M40.3
McIntosh MC601 monoblocks
McIntosh C50 preamp
PS Audio P20 Power Regenerator
Denafrips Terminator Plus DAC
Denafrips Gaia DDD
SOtM sMS-200Ultra Neo streamer
Custom built NUC8-i7 with Teddy Pardo PS running Roon ROCK

Good luck!
John Atkinson was very impressed
Even more so with the Holo May, the Weiss only "rivaled" it.
In almost every way, the HoloAudio May (Level 3) is the best-measuring D/A processor I have encountered, rivaled only by the Weiss DAC502 and MBL N31.—John Atkinson

And then there’s this review also. Watch the 2nd half as well.

Cheers George
orosie ("oh girl"), that's some impressive gear.  And i'm surprised the terminator+ and gaia outperform the Auralic stack, considering the price difference.  Great bang for the buck.  
George, if i remember correctly John A. was more impressed with the May than the Weiss only with regard to measurements.  But in terms of actual sound, it was about even, with maybe a slight edge going to the Weill.  (But i could be misremembering).  Thanks for the links!
But in terms of actual sound, it was about even,

Maybe that last iota of measurement perfection, is impossible to hear?
What’s staggering for me is how clean the minus 90db wave forms are, I have never seen them this clean measured on AP gear.

Cheers George

Because sonically all these discrete R2R ladder dacs are very close to each other and all have well over >2v output (most amps only need <1v for full ouput) and low impedance outputs, as strong as any preamp.
I would then start looking at the one that has an inbuilt volume control to go direct with, as best best preamp is no preamp, and you’ll save a stack of money also.

My MSB discrete R2R ladder dac sounds stunning going direct using it’s own volume control, and betters any preamps that have been used even $$$$$K ones friends have tried to challenge it with.

Cheers George
Interesting. I have a very good integrated amp (T+A Elektroakustik). But I think there's a way to bypass the preamp section. I might have to experiment. Thanks for the suggestion.