The Arm® Cortex®-M33 TPIU bridges the on-chip trace data from the ETM and the ITM, with separate IDs, to a data stream.
The Arm Cortex-M33 TPIU encapsulates IDs where required, and an external Trace Port Analyzer (TPA) captures the data stream. See the Arm Cortex-M33 Processor Technical Reference Manual for more details.