How do you export a composition as a layered Photoshop file?

To export a composition as a layered Photoshop file, using the "Save Frame As" function is the correct method. This approach allows you to generate a still image from your composition and save it directly as a layered PSD (Photoshop Document) file. By selecting the option to save as Photoshop layers, After Effects effectively translates the visual elements of your composition into layers within the Photoshop file, preserving the organization and hierarchy needed for further editing in Photoshop.

Other options do not fulfill the requirement of exporting the complete composition as a layered file. The "Export As" option is not a method available for layered PSD files; rather, it's usually associated with different export formats. "Save As" also typically does not provide the layered PSD option directly; it’s primarily used for saving After Effects projects in its native format. The "Export" command focuses on outputting rendered files or animations, but does not specifically cater to creating layered Photoshop files.

Thus, by using the "Save Frame As" function and selecting the layered PSD, you ensure that each element from After Effects retains its individual properties for further manipulation in Photoshop.