What I did to recreate this in Premiere Pro was to animate the levels effect starting at normal at a dozen frames before the end of the clip to all white at the end. This blows out the whites first so I like it better than fading to a white clip.
I save the effect as a preset and mark it for “Anchor to Out Point”.
I do the same thing in reverse for the first part of a clip. Set it to normal at 12 frames in and back up to the beginning and make it all white. Save it set to “Anchor at In Point”.
You will be able to easily apply this for any clip in any project. Remember that you might want to slice the video just previous to the effect or just after before applying the preset, or you will have to render the entire clip and not just the area of interest.
Steven
https://www.stevengotz.com