No,I thought there do not have DAC inside.
This Lightning to 3.5 adapter most like analog signal bypass adapter.
Just bypass audio signal thru lightning connector (pin6,7,8, and 1).
I don't have evidence but my point as below :
1.There don't have enough space can put USB to I2S to Analog chipset.
2.Belkin just announced the new product named "Lightning Audio + Charge RockStar"
This new accessory look like implement the Lightning Audio Module(LAM) (48KHz/24bit)
The audio out put of the Lightning female is Analog signal.
This accessory also can work with Apple original Lightning to 3.5 adapter & headphone
If Lightning to 3.5 adapter include DAC ,how it can work with Belkin's new product?
Jimmy Tsai@C4M