Select a sequence and then click Sequence > Simplify Sequence, or right-click a sequence and select Simplify Sequence.
Simplifying sequences are perfect for situations where:
Premiere Pro makes a copy of the sequence, and in the Simplify Sequence dialog box, you can choose the elements you do not want in your sequence copy. These can be elements such as empty tracks, transitions, graphics, and more.
Premiere Pro creates the simplified sequence next to your original sequence in the project.
Now that you have a simplified copy of your sequence, you can continue to work on editing it or hand it off for further processing. Share the sequence with another editor, or export it as an XML file that can be opened using other software.