With the update to Premiere Pro 2020, AE 2020 and AME 2020 I can confirm that this bug is now fixed.

@Philip - The bug is still present with AME 13.1.5. It is not yet possible to export a Premiere sequence with open captions via Media Encoder IF THE SEQUENCE CONTAINS A DYNAMICALLY LINKED AFTER EFFECTS CLIP.

AME 13.1.5 appears to be rendering captions correctly, so far. Thank you!

Yes, just the fact that there's an AE comp makes it fail. Follow the steps below and see if the same happens for you:

1) Create a new Premiere Pro project

2) Create a new sequence within that project.

3) Create a new open caption asset, then place that caption asset within the sequence. You'll now see "Type Caption Text Here" in the program window.

4) Press Ctrl+M, double check that "burn captions into video" is selected under Captions/Export Options, then click Queue.

5) When Encoder opens, click the green Start Queue arrow. Video file is created with open captions reading "Type Caption Text Here" visible.

Good news. Now, let's add an After Effects file...

6) Open After Effects and create a new composition which matches the settings of the Premiere Pro sequence. You don't have to put anything in this composition...just create it and save.

7) In Premiere Pro, use Media Browser to find the After Effects comp created in step 6 and import it.

8) Drag the imported comp to the timeline and place it directly after the open captions asset which is already there from step 3.

9) Press Ctrl+M, double check that "burn captions into video" is selected under Captions/Export Options, then click Queue.

10) When Encoder opens, click the green Start Queue arrow. A video file is created with NO CAPTIONS VISIBLE.

Ok and the fact that there is an AE comp makes the captions export fail ? That's weird

(the captions aren't in the AE comp ?)

@Antoine

I'm trying to get open captions out of a Premiere sequence containing a dynamically linked AE comp exported with AME.

Are you trying to get captions out of AE through PPro and AME ?