From this drop down menu, the following Animation Assets can be created: Create Animation creates a new Animation Sequence from either the current default Reference Pose, or from the displayed meshes Current Pose. Create Pose Asset creates a new Pose Asset from either the Current Pose displayed on the mesh, the Current Animation description, or the Insert Pose Description. Anim Blueprint creates a new Animation Blueprint for the current Skeletal Mesh. Anim Composite created a new AnimComposite using the selected Skeleton. Anim Montage creates a new AnimMontage using the selected skeleton. Blend Space creates a new Blend Space used for smoothly blending transitions between animations. Blend Space 1D creates a new 1D Blend Space using the selected Skeleton. Aim Offset creates a new Aim Offset Blend Space using the selected skeleton. Aim Offset 1D creates a new Aim Offset 1D Blend Space using the selected skeleton.