diff --git a/README.md b/README.md
index e12c575f..b4f32f22 100644
--- a/README.md
+++ b/README.md
@@ -347,10 +347,10 @@ yarn add --dev @types/webpack
 
 ## Profiling types resolution
 
-Starting from TypeScript 4.1.0, you can profile long type checks by
+When using TypeScript 4.3.0 or newer you can profile long type checks by
 setting "generateTrace" compiler option. This is an instruction from [microsoft/TypeScript#40063](https://github.com/microsoft/TypeScript/pull/40063):
 
-1. Set "generateTrace": "{folderName}" in your `tsconfig.json`
+1. Set "generateTrace": "{folderName}" in your `tsconfig.json` (under `compilerOptions`)
 2. Look in the resulting folder. If you used build mode, there will be a `legend.json` telling you what went where.
    Otherwise, there will be `trace.json` file and `types.json` files.
 3. Navigate to [edge://tracing](edge://tracing) or [chrome://tracing](chrome://tracing) and load `trace.json`
diff --git a/src/typescript/worker/lib/program/program.ts b/src/typescript/worker/lib/program/program.ts
index db9457d7..670ee340 100644
--- a/src/typescript/worker/lib/program/program.ts
+++ b/src/typescript/worker/lib/program/program.ts
@@ -4,6 +4,7 @@ import { getConfigFilePathFromProgram, getParsedConfig } from '../config';
 import { updateDiagnostics, getDiagnosticsOfProgram } from '../diagnostics';
 import { emitDtsIfNeeded } from '../emit';
 import { createCompilerHost } from '../host/compiler-host';
+import { startTracingIfNeeded, stopTracingIfNeeded } from '../tracing';
 import { typescript } from '../typescript';
 
 let compilerHost: ts.CompilerHost | undefined;
@@ -16,6 +17,7 @@ export function useProgram() {
     compilerHost = createCompilerHost(parsedConfig);
   }
   if (!program) {
+    startTracingIfNeeded(parsedConfig.options);
     program = typescript.createProgram({
       rootNames: parsedConfig.fileNames,
       options: parsedConfig.options,
@@ -26,6 +28,7 @@ export function useProgram() {
 
   updateDiagnostics(getConfigFilePathFromProgram(program), getDiagnosticsOfProgram(program));
   emitDtsIfNeeded(program);
+  stopTracingIfNeeded(program);
 }
 
 export function invalidateProgram(withHost = false) {
diff --git a/src/typescript/worker/lib/tracing.ts b/src/typescript/worker/lib/tracing.ts
index b2c473d1..fe6aec61 100644
--- a/src/typescript/worker/lib/tracing.ts
+++ b/src/typescript/worker/lib/tracing.ts
@@ -4,37 +4,44 @@ import { getConfigFilePathFromCompilerOptions } from './config';
 import { typescript } from './typescript';
 import { config } from './worker-config';
 
-// write this type as it's available only starting from TypeScript 4.1.0
+// these types are internal in TypeScript, so reproduce them here
+type TracingMode = 'project' | 'build' | 'server';
 interface Tracing {
-  startTracing(configFilePath: string, traceDirPath: string, isBuildMode: boolean): void;
-  stopTracing(typeCatalog: unknown): void;
-  dumpLegend(): void;
+  startTracing?: (tracingMode: TracingMode, traceDir: string, configFilePath?: string) => void;
+
+  tracing?: {
+    stopTracing(): void;
+    dumpLegend(): void;
+  };
 }
 
 // eslint-disable-next-line @typescript-eslint/no-explicit-any
-const tracing: Tracing | undefined = (typescript as any).tracing;
+const traceableTypescript: Tracing = typescript as any;
 
 export function startTracingIfNeeded(compilerOptions: ts.CompilerOptions) {
-  if (compilerOptions.generateTrace && tracing) {
-    tracing.startTracing(
-      getConfigFilePathFromCompilerOptions(compilerOptions),
-      compilerOptions.generateTrace as string,
-      config.build
+  if (
+    typeof compilerOptions.generateTrace === 'string' &&
+    typeof traceableTypescript.startTracing === 'function'
+  ) {
+    traceableTypescript.startTracing(
+      config.build ? 'build' : 'project',
+      compilerOptions.generateTrace,
+      getConfigFilePathFromCompilerOptions(compilerOptions)
     );
   }
 }
 
-export function stopTracingIfNeeded(program: ts.BuilderProgram) {
+export function stopTracingIfNeeded(program: ts.Program | ts.BuilderProgram) {
   const compilerOptions = program.getCompilerOptions();
 
-  if (compilerOptions.generateTrace && tracing) {
-    // eslint-disable-next-line @typescript-eslint/no-explicit-any
-    tracing.stopTracing((program.getProgram() as any).getTypeCatalog());
+  if (
+    typeof compilerOptions.generateTrace === 'string' &&
+    typeof traceableTypescript.tracing?.stopTracing === 'function'
+  ) {
+    traceableTypescript.tracing.stopTracing();
   }
 }
 
 export function dumpTracingLegendIfNeeded() {
-  if (tracing) {
-    tracing.dumpLegend();
-  }
+  traceableTypescript.tracing?.dumpLegend();
 }
diff --git a/test/e2e/type-script-tracing.spec.ts b/test/e2e/type-script-tracing.spec.ts
new file mode 100644
index 00000000..85d31ab7
--- /dev/null
+++ b/test/e2e/type-script-tracing.spec.ts
@@ -0,0 +1,40 @@
+import path from 'path';
+
+import { extractWebpackErrors } from './driver/webpack-errors-extractor';
+
+describe('TypeScript Tracing', () => {
+  it.each([
+    { build: false, typescript: '~4.3.0' },
+    { build: true, typescript: '~4.3.0' },
+    { build: false, typescript: '~4.6.0' },
+    { build: true, typescript: '~4.6.0' },
+  ])('can generate trace files for %p', async ({ build, ...dependencies }) => {
+    await sandbox.load(path.join(__dirname, 'fixtures/typescript-basic'));
+    await sandbox.install('yarn', { ...dependencies });
+
+    // enable tracing
+    await sandbox.patch(
+      'tsconfig.json',
+      '"outDir": "./dist"',
+      '"outDir": "./dist",\n"generateTrace": "./traces"'
+    );
+
+    await sandbox.write(
+      'fork-ts-checker.config.js',
+      `module.exports = ${JSON.stringify({ typescript: { build } })};`
+    );
+
+    const webpackResult = await sandbox.exec('yarn webpack --mode=development');
+    const errors = extractWebpackErrors(webpackResult);
+    expect(errors).toEqual([]);
+
+    expect(await sandbox.exists('dist')).toEqual(true);
+
+    expect(await sandbox.list('./traces')).toEqual(
+      expect.arrayContaining([
+        expect.objectContaining({ name: expect.stringMatching(/types.*\.json/) }),
+        expect.objectContaining({ name: expect.stringMatching(/trace.*\.json/) }),
+      ])
+    );
+  });
+});