The first tubed USB-SPDIF in the world? The best square wave we've ever seen (the Level 3 Morello is already way, way better than the highest end CD SPDIF output) and galvanic isolation still preserved with the output transformer. Also you get almost 2x the output level and cable effects are much reduced.
And it's a tube!

Question: What makes the tubed usb to spdif converter better the non tubed version?
Answer:
The tubed output stage operates differently to the solid state logic one. The Tube stage operates as linear Class
Amplifier and does not "saturate". The normal logic IC based output buffer circuitry operates in "saturation" meaning
it is slower to react to signal changes. The Tube stage also has much less input capacitance than CMOS logic IC's, so
the rise-time of the signal is faster.

The technical result is a signal output that is cleaner and closer to the theoretically "ideal" SPDIF Signal.

As a result the DAC's SPDIF receiver can recover the signal and clock with less jitter, in technical terms. This in turn
generally produces a better, more natural and non-fatiguing sound.

Plus you still get:
Connect your computer USB port to this device. SPDIF out connects via 75 ohm BNC/RCA or TOSLINK to your DAC. Then stream bit perfect music asynchronously using supplied ASIO drivers, bypassing the Windows playback system.
This uses the Musiland 24bit/192khz module core functions, however fitted in its own chassis and extensively reworked with these enhancements to the power supply and digital signal path:

* 2 new low distortion pulse transformers fully capable of 24/192
* 75 ohm teflon cabling
* 75 ohm Canare BNC
* 75 ohm Canare RCA
* independant regulated/filtered linear power supply module - USB power is disabled
* circuit reconfigured: output level increased to industry standard for reliable signal lock
* signal critical capacitors changed to higher quality OSCONS
* Ultimate clock with 0.5ppm TCXO and low noise power supply for lowest jitter

User's Experience:
"Today i receive one of your new Morello Max units, as soon as i can, i connected to my main system:

MSI GX620 Laptop. 4 TB Droboshare NAS. JRiver Media Center ASIO->
Wireworld Ultraviolet USB 1 M Cable->
Morello Max->
Canare Toslink 75ohm 1M->
Audio GD DAC9Mk3->
Audio GD ACSS Cable->
Audio GD C39 Preamp->
Marchand Electronics Active Crossover->
MBL 8006 DIY Amp for Bass, Kingrex QS-01 Amp for Mid and Highs->
Monitor Audio RS8 Mains->
Monitor Audio SRW-12 Subwoofer.

After the Morello Max i was using an Original Musiland Monitor 01 USB and a Teralink X USB.

The sound that comes from my system using the Morello Max is out of this world, the DAC really shines having such a perfect bitstream signal, perfectly defined highs, deep and powerful precice bass, huge stage, you can really pinpoint the instruments in a orchestra, the difference with the original Musiland it's night and day, the sound is really warm with a dark silence background and amazing resolution, the microdetail it's outstanding, i can hear everything in the recording in a holographic image inside my head, i have never hear my speakers sound this good, they actually disapear, the Morello Max is a fantastic product that elevates my system into high end.

Thanks for given us mortals a piece of heaven with music as fantastic sounding as these."