What is the primary function of the Project tool in ArcGIS Pro?

The primary function of the Project tool in ArcGIS Pro is to facilitate the conversion of data to a different coordinate reference system (CRS) or to a different format, ensuring that the spatial properties of the data are maintained in the new context. This tool is particularly useful when you need to prepare data for use in a different spatial framework or when working with datasets from multiple sources that may not share the same CRS.

Using the Project tool allows you to ensure that the geographic features align correctly when displaying or analyzing the data. It also accommodates the needs of various projects that require specific CRS for accurate analysis or mapping.

When considering the other options, exporting map data, creating a new project file, and sharing map layouts serve different functionalities. These tasks are typically conducted through other specific tools or functions within ArcGIS Pro rather than the Project tool itself. Hence, they do not address the primary purpose of the Project tool in relation to manipulating CRS.