When you export artwork to Photoshop format, you can set the following options:

Color Model

Determines the color model of the exported file. Exporting a CMYK document as RGB, or vice versa, may cause unexpected changes in the appearance of transparent areas, especially those that include blending modes. If you change the color model, you must export the artwork as a flat image (the Write Layers option isn’t available).

Resolution

Determines the resolution of the exported file.

Flat Image

Merges all layers and exports the Illustrator artwork as a rasterized image. Choosing this option preserves the visual appearance of the artwork.

Write Layers

Exports groups, compound shapes, nested layers, and slices as separate, editable Photoshop layers. Nested layers that are more than five levels deep are merged into a single Photoshop layer. Select Maximum Editability to export transparent objects (that is, objects with an opacity mask, a constant opacity less than 100%, or a blending mode other than Normal) as live, editable Photoshop layers.

Preserve Text Editability

Exports horizontal and vertical point type in layers (including nested layers up to five levels deep) to editable Photoshop type. If doing so compromises the appearance of the artwork, you can deselect this option to rasterize the text instead.

Maximum Editability

Writes each top-level sublayer to a separate Photoshop layer if doing so doesn’t compromise the appearance of the artwork. Top-level layers become Photoshop layer sets. Transparent objects remain editable transparent objects. Also creates a Photoshop shape layer for each compound shape in a top‑level layer if doing so doesn’t compromise the appearance of the artwork. To write compound shapes with solid strokes, change the Join type to Round. Whether or not you select this option, all layers over 5 levels deep are merged into a single Photoshop layer.

Note: Illustrator cannot export compound shapes that have graphic styles, dashed strokes, or brushes applied to them. Such compound shapes become rasterized.

Anti-Alias

Removes jagged edges in the artwork by supersampling it. Deselecting this option helps maintain the hard edges of line art when it’s rasterized.

Embed ICC Profiles

Creates a color-managed document.