OMF similar functionality for video

I am currently working on two huge projects. Both are features and together are about 3 TB in size.
I was wondering if there's a way to produce a trimmed version of the projects, much like OMF (keeping the original files with handle frames on both sides) where I can keep only the footages I used in the projects with little flexibility in order to make small changes and have it copied to a new location into a new project file