By a trailer, do you mean a "previews of coming attractions" style trailer?
Technically, there aren't tools doing that in Premiere Elements. However, if you gather some segments that represent your movie's content, you can apply an InstantMovie Theme, which will add effects, titles and exciting animations to your clips.
Is there really a tool that will take a one-hour movie and automatically create a 2-minute preview trailer for it?
Not being familiar with iMovie, I am not sure what it might, or might not have for the process of creating a trailer from a finished Project.
However, many use Premiere to do both the editing of a video, and then re-editing that Project to basically create a preview video, or trailer, to post to social media, or send out to distributors, or video competitions. The process that they use is to first do a Save_As for the finished Project, changing the name to something like "[Project Name]_trailer," and then go in and edit the Timeline, to only include some high-points from the video. Most of those high-points are very tightly edited, so that too much is not given away, but enough to give the viewer an idea of what the full video is about. This allows the editor to first shorten the Project, with just some of the scenes, arranged to quickly give the viewer the gist of the video. Much is Trimmed greatly, into tiny snippets. By doing the Save_As, the original is not touched in any way.
As for specific Templates, I know of nothing in Premiere (either Elements, or Pro), that would be specific to a trailer, but in PrE, one might find one of the Themes for Instant Movie, useful to "spice up" the finished preview video, say one of the "action" Themes.
Maybe others will know exactly what iMovie offers, and can possibly translate that to PrE.
[Edit] Looks like Steve and I were typing about the same thing, at the same time.
yeah the i-movie trailor templates takes everything a step farther. Basically, once you identify the clips you want to use, you just upload it into the template, enter the cast and the copy that you want to display on the black screens between a various series of clips, and boom, you have yourself a real hollywood trailor. Here is an example of what an imovie trailer looks like. (makes me wish I was a Mac eprson)
Just to clarify what iMovie does with reagrd to trailers, it does not pick the clips for you. That is still done on the user end .. But once you have selecetd and ordered the most exciting snippets, you import into one of the iMovie trailer templates along with the black screen copy, cast and studio info, and then, at that that point, iMovie will automatically turn it into a real Hollywood looking trailer. I included an example below.
It would be ashame if there are no options like that for us PC users.I am still in denial about that:)
As I said, if you select your own clips from your movie, InstantMovie Themes can be used to automatically create a trailer.
Okay I;ll check it out. Thanks Steve. i always thought that was more for altering your entire movie. Are there any particular themes that you recommend to give a trailor feel?
It depends on the tone of the trailer you're trying to create.
Give them test drive. You'll see.
In addition to Steve's suggestion, I would still do the Save_As, and Trim (perhaps re-arranging Clips too) judiciously. Once that preliminary editing is complete, do another Save_As (so you can always go back to that initial edit, without any changes being made to it), and experiment with the Themes. As Steve points out, the tone/mood/look of your film will likely dictate which Themes work for you. Say you have a moody, Gothic film, you would not likely want one of the "Kids" or "Rock Star" themes.
Also, one one has applied Themes, they can then go in and tweak what has been done, to suit.