In Capture One, exporting variants is conceptually the same as processing them. By applying any settings or adjustments made, Capture One creates new images from the source files and saves them as either JPEG, TIFF, PNG, or PSD file formats. When selecting DNG as the intended file format, any adjustments made or metadata added in Capture One will not be retained. Source files must be available to Capture One when exporting. For example, if the images are located on an external drive, the drive must be connected.
Capture One Pro has some additional functionality and can export variants with metadata such as descriptions, copyright details, and keywords. You can also have annotations rendered with the image or as a separate layer when saving to PSD.