Noun
exFAT (uncountable)
(computing) Initialism of extended file allocation table, a 64-bit derivative of the FAT family of file systems.
First, ensure that your USB drive is formatted in FAT32 or exFAT for the PS4 to be able to read the drive. Source: Internet
The executable also needs to be on a filesystem compatible with DrvFs, which means NTFS or ReFS, not FAT32 or exFAT. Source: Internet
Now, I’m not entirely clear on how Microsoft licenses ExFat. Source: Internet