Is formatting to exFat possible without breaking the iXpand

Hi, I just bought an iXpand 64GB for my iPhone 7, and I already know I’ll run into issues with file sizes.  I want to use this to take large videos and transfer them to the iXpand to liberate space on my limited phone storage.  This means that Fat32, which is what the storage is formatted in, is useless to me. 

If I try formatting the storage on the iXpand to exFat, can I potentially make the device unusable, or is it safe to do so?