Creating proxies from Subclips in Premiere

Is it possible to create proxies from just a subclip in Premiere?

For example, I've gone through a 4K video file and created several subclips from that file and put them in a bin (which will be the clips that I will use in my sequence). If I right-click the subclip in the bin and choose 'Create Proxies', it appears as though it takes the entire original video file and creates the proxy of that.

Is it possible to have it only create a proxy of the subclip itself?