I just picked up the RME adi-2 DAC and it has a great 5 band PEQ, tone controls, and loudness. I usually run it no EQ and it sounds great but at lower volume and non critical listening the Loudness contour is awesome. It is adjustable too with respect to dB level for bass and treble and the point on the volume scale that it tapers off.
This DAC is incredible for the money
This DAC is incredible for the money