HLS is Apple's adaptive streaming protocol: video is split into short segments listed in m3u8 playlists, and the player switches quality based on bandwidth. It is required for Apple devices and works everywhere else. Security-wise it is neutral, carrying anything from unencrypted segments to AES-128 to full FairPlay DRM.
HTTP Live Streaming (HLS) is Apple's adaptive streaming protocol. Video is split into short segments listed in m3u8 playlists, and the player automatically switches between quality levels based on the viewer's available bandwidth.
An encoder produces several renditions of the video at different bitrates and cuts each into short segments. A master playlist lists the renditions; the player starts at one quality and moves up or down as network conditions change, keeping playback smooth. HLS is the required protocol for Apple devices and is widely supported elsewhere.
Many multi-DRM platforms serve HLS to Apple devices and MPEG-DASH to everything else from a single CMAF encode. The choice of HLS vs DASH matters far less than what encryption and DRM travel inside them.
See Also: MPEG-DASHAES-128 Video Encryption