XEO3
From xboxdevwiki
XEO3, also known as Fission, is Microsoft's Xbox / Xbox 360 emulator for Xbox One.
It was eventually discovered that Fission is actually just a repackaged Fusion, running inside a 360 emulator. 360 Shaders are recompiled to D3D11 Durango format by BackgroundShaderCompiler.exe.
Some critical shaders are shipped alongside the executables. A LaunchArguments.txt file next to Emu.exe provides unique run parameters for each game.