Is there a way to convert FAT32 to exFAT without data loss?

Windows' convert command is able to convert FAT filesystems to NTFS non-destructively. Similarly, fstransform is a Linux utility that is capable of doing this - calling it an "in-place" filesystem conversion - from and to a few more file systems, including NTFS and Ext3.

Is there something equivalent that will allow me to convert a FAT32 USB flash drive to exFAT?

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