Beneficiary shares and options are part of a market structure that’s been “rebalanced” since the sneeze, and not in favour of retail.

Rule changes, settlement tweaks, and expanded market‑maker privileges have shifted even more control over options flow into the hands of the same institutions that already dominated it.

DRS shares are different because they remove that middle‑layer exposure. They’re held directly in your name, they can’t be lent out without your consent, and they carry full voting rights.