This is the etymology given in the Collins English Dictionary.ref Collins The word which is widely believed to be the root and one of the ones quoted by the Oxford English Dictionary is .
exFAT is an improved version of FAT32. It isnât as efficient as NTFS (Windows) but is cross compatible between Windows OS and Mac OS (since 10.6.5), unlike NTFS and HFS+. I recommend using it when compatibility between Mac and Windows is important, at the (small) cost of efficiency (such as file size bloating, transfer speeds, general performance). exFAT is the preferred format for flash memory, used for media such as SD cards and SSD. Written Jun 22.
FAT32 works for both OSes, but has a 4GB size limit per file, so it isn't ideal. However there is a 4GB file size limit. You could use NTFS but you will have to install additional software on the Mac in order to read AND write to the volume. exFAT then is the best option.