diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8f610e47ada4..180b15a5b0b9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -38,6 +38,10 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ## [Unreleased]
 
+### Bug Fixes
+
+* (store) [\#11117](https://github.com/cosmos/cosmos-sdk/pull/11117) Fix data race in store trace component
+
 ## [v0.45.1](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.45.1) - 2022-02-03
 
 ### Bug Fixes
diff --git a/store/rootmulti/store.go b/store/rootmulti/store.go
index a21a7381a424..e2f589094c58 100644
--- a/store/rootmulti/store.go
+++ b/store/rootmulti/store.go
@@ -68,8 +68,9 @@ type Store struct {
 	pruneHeights   []int64
 	initialVersion int64
 
-	traceWriter  io.Writer
-	traceContext types.TraceContext
+	traceWriter       io.Writer
+	traceContext      types.TraceContext
+	traceContextMutex sync.Mutex
 
 	interBlockCache types.MultiStorePersistentCache
 
@@ -370,7 +371,13 @@ func (rs *Store) SetTracer(w io.Writer) types.MultiStore {
 func (rs *Store) SetTracingContext(tc types.TraceContext) types.MultiStore {
 	rs.traceContextMutex.Lock()
 	defer rs.traceContextMutex.Unlock()
-	rs.traceContext = rs.traceContext.Merge(tc)
+	if rs.traceContext != nil {
+		for k, v := range tc {
+			rs.traceContext[k] = v
+		}
+	} else {
+		rs.traceContext = tc
+	}
 
 	return rs
 }
@@ -580,7 +587,7 @@ func (rs *Store) CacheMultiStore() types.CacheMultiStore {
 		}
 		stores[k] = store
 	}
-	return cachemulti.NewStore(rs.db, stores, rs.keysByName, rs.traceWriter, rs.getTracingContext())
+	return cachemulti.NewStore(rs.db, stores, rs.keysByName, rs.traceWriter, rs.getTracingContext(), rs.listeners)
 }
 
 // CacheMultiStoreWithVersion is analogous to CacheMultiStore except that it
@@ -644,7 +651,7 @@ func (rs *Store) CacheMultiStoreWithVersion(version int64) (types.CacheMultiStor
 		cachedStores[key] = cacheStore
 	}
 
-	return cachemulti.NewStore(rs.db, cachedStores, rs.keysByName, rs.traceWriter, rs.getTracingContext()), nil
+	return cachemulti.NewStore(rs.db, cachedStores, rs.keysByName, rs.traceWriter, rs.getTracingContext(), rs.listeners), nil
 }
 
 // GetStore returns a mounted Store for a given StoreKey. If the StoreKey does
diff --git a/store/rootmulti/store_test.go b/store/rootmulti/store_test.go
index 31d24ed1205c..4e45adc49f9d 100644
--- a/store/rootmulti/store_test.go
+++ b/store/rootmulti/store_test.go
@@ -734,6 +734,63 @@ func TestCacheWraps(t *testing.T) {
 
 	cacheWrappedWithTrace := multi.CacheWrapWithTrace(nil, nil)
 	require.IsType(t, cachemulti.Store{}, cacheWrappedWithTrace)
+
+	cacheWrappedWithListeners := multi.CacheWrapWithListeners(nil, nil)
+	require.IsType(t, cachemulti.Store{}, cacheWrappedWithListeners)
+}
+
+func TestTraceConcurrency(t *testing.T) {
+	db := dbm.NewMemDB()
+	multi := newMultiStoreWithMounts(db, types.PruneNothing)
+	err := multi.LoadLatestVersion()
+	require.NoError(t, err)
+
+	b := &bytes.Buffer{}
+	key := multi.keysByName["store1"]
+	tc := types.TraceContext(map[string]interface{}{"blockHeight": 64})
+
+	multi.SetTracer(b)
+	multi.SetTracingContext(tc)
+
+	cms := multi.CacheMultiStore()
+	store1 := cms.GetKVStore(key)
+	cw := store1.CacheWrapWithTrace(b, tc)
+	_ = cw
+	require.NotNil(t, store1)
+
+	stop := make(chan struct{})
+	stopW := make(chan struct{})
+
+	go func(stop chan struct{}) {
+		for {
+			select {
+			case <-stop:
+				return
+			default:
+				store1.Set([]byte{1}, []byte{1})
+				cms.Write()
+			}
+		}
+	}(stop)
+
+	go func(stop chan struct{}) {
+		for {
+			select {
+			case <-stop:
+				return
+			default:
+				multi.SetTracingContext(tc)
+			}
+		}
+	}(stopW)
+
+	time.Sleep(3 * time.Second)
+	stop <- struct{}{}
+	stopW <- struct{}{}
+}
+
+func BenchmarkMultistoreSnapshot100K(b *testing.B) {
+	benchmarkMultistoreSnapshot(b, 10, 10000)
 }
 
 func TestTraceConcurrency(t *testing.T) {