Is this the $9 DAC by Apple? Or do you mean there is an internal DAC that the lighting uses?
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That's the one. For $9 you get a Lightning to 3.5mm adaptor that also houses its own DAC and an amplifier circuit to drive your headphones.
Apple knows this is going to be a shock to some people, so by including one free adaptor with your iPhone and selling them for the bargain basement price of $9 they are going to minimize the impact this will have on people moving forward.
I mean, when has Apple ever sold an adaptor for under $30 or so?