One can either use the Extract Subdataset tool in ArcGIS or I did the same for a bunch of rasters that I downloaded using the python script below: (Note, I renamed the rasters based on what I needed, which could be avoided)
arcpy.env.workspace = "F:\\MODIS Data\\"
out_dir = "F:\\MODIS Data\\EVIData\\"
rasters = arcpy.ListRasters("*")
count = 1
for raster in rasters:
output = str(raster)
s1 = raster.split('.')
name = out_dir + raster.split('.') + s1
###Extract the subdataset that you accordingly need to use, here I chose EVI and hence the number is 1
arcpy.ExtractSubDataset_management(raster, name, "1")