Wikipedia
Branch trace is a computer program debugging tool or analysis technique. It is an abbreviated instruction trace in which only the successful branch instructions are recorded. On IBM System/360 this was implemented as part of Program-Event Recording (PER) but was seldom used at the application programming level. Program Event Recording hardware was used and due to the overhead of this tool, it was removed from customer-available MVS systems.
Branch tracing is also available for Pentium 4, Intel Xeon and later Intel processors. There are dedicated processor commands to enable branch tracing and save executed branches into special Branch Trace Store area of resident memory. The Branch Trace Store can be also configured to be a circular buffer, so that last executed branches are recorded. Branch tracing on Intel processors can cause 40x application run-time slow down.