What does settling time refer to in the context of a Digital-to-Analog Converter (DAC)?

Settling time in the context of a Digital-to-Analog Converter (DAC) refers to the duration required for the output voltage to stabilize within a certain range of the target value after a change in input. This characteristic is crucial for the performance of DACs because it impacts the accuracy and speed with which a DAC can respond to changes in digital input signals.

When a digital input is applied, the DAC converts this signal to an analog output. However, the output does not immediately reach the final value due to the inherent characteristics of the circuitry, such as capacitance and resistance. Settling time quantifies how quickly the output voltage can accurately track the desired voltage level, thereby determining how well the DAC can perform in dynamic applications.

In contrast, the other options address different aspects of a DAC's performance or specifications, which do not pertain directly to the concept of settling time. For instance, maximum voltage rating pertains to the range of voltages that the DAC can output, and the complexity of the circuit refers to how intricate the internal design is, while the time taken to produce an initial output focuses more on startup behavior rather than stabilization after a signal change.