NVENC H265 Encode Option Not There

Despite having a current NVidia GPU I don't get H265 as an encode option with MP4 container. Tried 16, 17 beta 6 and same result. The GPU is correctly chosen, using CUDA, in the system settings.

Can anyone help?

What model GPU?

What driver?

Are you running Resolve Studio or just Resolve? Encoding with NVENC is a Studio-only feature. If you do have a Studio license, make sure you're actually downloading the Studio installers, as it's a separate download to the non-studio version.