Exotic is the highest Rarity type. It is denoted in-game by a golden tooltip.
Exotic weapons and armor have unusual properties, but the player can have only one Exotic weapon and one Exotic armor piece equipped on their character. Exotic Ghost Shells, Ships, Sparrows, Emotes and other cosmetic items do not have that restriction.
Exotic gear is obtained mostly from Exotic Engrams and Xûr, who sells Exotic weapons and armor for a symbolic price. Luminous Engrams have a small chance to drop Exotic gear. Some items are obtained from quests or challenges, these cannot be found in Engrams or bought from Xûr.
Cosmetic Exotic items can be found in Bright Engrams or bought from Eververse. Using Gleaming Boon of the Vanguard or Gleaming Boon of the Crucible from Eververse in appropriate activities may also result in an Exotic cosmetic.
Catalysts are Exotic items that provide additional benefits to certain Exotic weapons. Each is obtained in its own way. If a Catalyst's source is an enemy, it is dropped by them on kill, and it would look like a golden pyramid while on the ground.