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What is the difference between "Share Protected" and "Protect in-place"?

"Share Protected" produces a copy of the original document with protection while leaving the original document on your computer intact.  "Protected in-place" protects your local copy of document on your computer with the assigned usage rights with encryption.

NOTE: A .ppdf file is automatically created when you share protected (share by email) but is not created when you protect in-place for office file type.