Creating an encrypted Time Machine disk on ExFAT

hdiutil create -stdinpass -encryption "AES-256" -size 500g -type SPARSEBUNDLE -fs "HFS+J" YourImage.sparsebundleWhere YourImage is the name you want to give your backup image and 500g is the maximum size of your disk image.
open YourImage.sparsebundlediskutil listFind your mounted image in the list and get its path, in my case it was: /dev/disk3s2
sudo diskutil enableOwnership /dev/disk3s2sudo tmutil setdestination /Volumes/YourImageReferences:
- http://hints.macworld.com/article.php?story=20140415132734925
- http://garretthoneycutt.com/index.php/MacOSX#Creating_an_encrypted_sparsebundle
- https://developer.apple.com/library/mac/documentation/Darwin/Reference/ManPages/man1/hdiutil.1.html