Looking over the native support I would think this file would play no problem on my XBox One S over gigabit ethernet, but Plex transcodes it back to 1080p…
General
Unique ID : 2231124835517832073411773250444829125489 (0xA7D9E6BBD91C9C56472E5109BA9FEB71)
Complete name : Z:\Movie Archive\HDR Movies\2160p\ATMOS\TestEncode.mp4
Format : Matroska
Format version : Version 4 / Version 2
File size : 15.0 GiB
Duration : 1 h 41 min
Overall bit rate mode : Variable
Overall bit rate : 21.3 Mb/s
Movie name : TestEncode
Encoded date : UTC 2017-03-06 21:55:23
Writing application : mkvmerge v9.7.1 (‘Pandemonium’) 64bit
Writing library : libebml v1.3.4 + libmatroska v1.4.5
Attachments : TestEncode.jpg
FileExtension_Invalid : mkv mk3d mka mks
Video
ID : 1
Format : HEVC
Format/Info : High Efficiency Video Coding
Format profile : Main 10@L5.1@High
Codec ID : V_MPEGH/ISO/HEVC
Duration : 1 h 41 min
Bit rate : 15.4 Mb/s
Width : 3 840 pixels
Height : 1 600 pixels
Display aspect ratio : 2.40:1
Frame rate mode : Constant
Frame rate : 23.976 (24000/1001) FPS
Color space : YUV
Chroma subsampling : 4:2:0 (Type 2)
Bit depth : 10 bits
Bits/(Pixel*Frame) : 0.104
Stream size : 10.9 GiB (72%)
Title : TestEncode
Writing library : x265 2.3+17-6e348252e902:[Windows][GCC 6.3.0][64 bit] 10bit
Encoding settings : cpuid=1173503 / frame-threads=3 / numa-pools=8 / wpp / no-pmode / no-pme / no-psnr / no-ssim / log-level=2 / input-csp=1 / input-res=3840x1600 / interlace=0 / total-frames=145605 / level-idc=51 / high-tier=1 / uhd-bd=0 / ref=2 / no-allow-non-conformance / repeat-headers / annexb / aud / hrd / info / hash=0 / no-temporal-layers / no-open-gop / min-keyint=1 / keyint=24 / bframes=4 / b-adapt=0 / b-pyramid / bframe-bias=0 / rc-lookahead=20 / lookahead-slices=8 / scenecut=40 / no-intra-refresh / ctu=64 / min-cu-size=8 / no-rect / no-amp / max-tu-size=32 / tu-inter-depth=1 / tu-intra-depth=1 / limit-tu=0 / rdoq-level=0 / dynamic-rd=0.00 / signhide / no-tskip / nr-intra=0 / nr-inter=0 / no-constrained-intra / no-strong-intra-smoothing / max-merge=2 / limit-refs=3 / no-limit-modes / me=1 / subme=1 / merange=57 / temporal-mvp / weightp / no-weightb / no-analyze-src-pics / deblock=0:0 / no-sao / no-sao-non-deblock / rd=2 / early-skip / rskip / fast-intra / no-tskip-fast / no-cu-lossless / no-b-intra / rdpenalty=0 / psy-rd=2.00 / psy-rdoq=0.00 / no-rd-refine / analysis-mode=0 / no-lossless / cbqpoffs=0 / crqpoffs=0 / rc=crf / crf=19.0 / qcomp=0.60 / qpstep=4 / stats-write=0 / stats-read=0 / vbv-maxrate=160000 / vbv-bufsize=160000 / vbv-init=0.9 / crf-max=0.0 / crf-min=0.0 / ipratio=1.40 / pbratio=1.30 / aq-mode=1 / aq-strength=1.00 / cutree / zone-count=0 / no-strict-cbr / qg-size=32 / no-rc-grain / qpmax=69 / qpmin=0 / sar=1 / overscan=0 / videoformat=5 / range=0 / colorprim=9 / transfer=16 / colormatrix=9 / chromaloc=1 / chromaloc-top=2 / chromaloc-bottom=2 / display-window=0 / master-display=G(8500,39850)B(6550,2300)R(35400,14600)WP(15635,16450)L(100000000,1) / max-cll=10000,180 / min-luma=0 / max-luma=1023 / log2-max-poc-lsb=8 / vui-timing-info / vui-hrd-info / slices=1 / opt-qp-pps / opt-ref-list-length-pps / no-multi-pass-opt-rps / scenecut-bias=0.05 / no-opt-cu-delta-qp / no-aq-motion / hdr / no-hdr-optrefine-level=5
Default : Yes
Forced : No
Color range : Limited
Color primaries : BT.2020
Transfer characteristics : SMPTE ST 2084
Matrix coefficients : BT.2020 non-constant
Mastering display color primaries : R: x=0.708000 y=0.292000, G: x=0.170000 y=0.797000, B: x=0.131000 y=0.046000, White point: x=0.312700 y=0.329000
Mastering display luminance : min: 0.0001 cd/m2, max: 10000.0000 cd/m2
Maximum Content Light Level : 10000 cd/m2
Maximum Frame-Average Light Level : 180 cd/m2
Audio #1
ID : 2
Format : TrueHD
Format profile : TrueHD+Atmos / TrueHD
Codec ID : A_TRUEHD
Duration : 1 h 41 min
Bit rate mode : Variable
Bit rate : 5 204 kb/s
Maximum bit rate : 6 144 kb/s
Channel(s) : Object Based / 8 channels
Channel positions : Object Based / Front: L C R, Side: L R, Back: L R, LFE
Sampling rate : / 48.0 kHz
Frame rate : 1 200.000 FPS (40 SPF)
Compression mode : Lossless
Stream size : 3.68 GiB (24%)
Title : Dolby Atmos TrueHD 7.1 @ 5205 kbps
Language : English
Default : Yes
Forced : No
Audio #2
ID : 3
Format : AC-3
Format/Info : Audio Coding 3
Format settings, Endianness : Big
Codec ID : A_AC3
Duration : 1 h 41 min
Bit rate mode : Constant
Bit rate : 640 kb/s
Channel(s) : 6 channels
Channel positions : Front: L C R, Side: L R, LFE
Sampling rate : 48.0 kHz
Frame rate : 31.250 FPS (1536 SPF)
Bit depth : 16 bits
Compression mode : Lossy
Delay relative to video : 1 s 954 ms
Stream size : 463 MiB (3%)
Title : Spanish
Language : Spanish
Service kind : Complete Main
Default : No
Forced : No