This happened after the November 2015 update on Nvidia video cards that do not support DirectX 12 hardware features. Issue was resolved with Windows update KB3140743.
Ensure Windows 10 is Version 1511 or later (run winver from the start menu search box to verify). The update can be installed through Windows Update (if listed) or manually from Get Windows 10.
The Game Bar allows easy recording of gameplay video (default ⊞ Win+G when in any game). It is enabled by default in Windows 10. Unfortunately, some games suffer from sporadic but severe FPS drops when the bar is enabled.
Download, extract and run this registry hack file.