AX7, Dynamics AX and Dynamics 365 for Finance and Operations (D365FO) have an in-application trace feature that allows users with either sysadmin or “System Trace User” roles assigned to capture an ETW log of system events from the AOS instance they’re attached to.
Up to version 8.1.3, this could be found at the following location:

From version 10.0.0 on, it has moved to:

A small and simple change, but not on that was immediately obvious, at least not to me. At time of writing, the Microsoft documentation has not been updated, so hopefully this will help someone else who was searching for where Trace now lives.