diff --git a/Lib/concurrent/futures/_base.py b/Lib/concurrent/futures/_base.py
index e728b8e0a91f744..505723b1e44dc5f 100644
--- a/Lib/concurrent/futures/_base.py
+++ b/Lib/concurrent/futures/_base.py
@@ -723,7 +723,11 @@ def __iter__(self):
     def __next__(self):
         value, exc = next(self.gen)
         if exc is not None:
-            raise exc
+            try:
+                raise exc
+            finally:
+                # avoid a ref cycle where exc is captured in its traceback
+                exc = None
         return value
 
     def close(self):
diff --git a/Lib/concurrent/futures/interpreter.py b/Lib/concurrent/futures/interpreter.py
index fd3d45144b49a71..be26b40628ee434 100644
--- a/Lib/concurrent/futures/interpreter.py
+++ b/Lib/concurrent/futures/interpreter.py
@@ -88,7 +88,11 @@ def run(self, task):
             if exc is None:
                 # The exception must have been not shareable.
                 raise  # re-raise
-            raise exc from wrapper
+            try:
+                raise exc from wrapper
+            finally:
+                # avoid a ref cycle where exc is captured in its traceback
+                exc = None
 
 
 class BrokenInterpreterPool(_thread.BrokenThreadPool):
diff --git a/Lib/test/test_concurrent_futures/executor.py b/Lib/test/test_concurrent_futures/executor.py
index ff7bd0db0c2199c..0af0879e3ff0636 100644
--- a/Lib/test/test_concurrent_futures/executor.py
+++ b/Lib/test/test_concurrent_futures/executor.py
@@ -1,6 +1,8 @@
+import gc
 import itertools
 import threading
 import time
+import traceback
 import weakref
 from concurrent import futures
 from operator import add
@@ -80,7 +82,41 @@ def test_map_exception(self):
         i = self.executor.map(divmod, [5, 5, 5, 5], [2, 3, 0, 5])
         self.assertEqual(next(i), (2, 1))
         self.assertEqual(next(i), (1, 2))
-        self.assertRaises(ZeroDivisionError, next, i)
+
+        exception = None
+        try:
+            i.__next__()
+        except Exception as e:
+            exception = e
+        self.assertTrue(
+            isinstance(exception, ZeroDivisionError),
+            msg="should raise a ZeroDivisionError",
+        )
+
+        # pause needed for free-threading builds on Ubuntu (ARM) and Windows
+        time.sleep(1)
+
+        self.assertFalse(
+            gc.get_referrers(exception),
+            msg="the exception should not have any referrers",
+        )
+
+        self.assertFalse(
+            [
+                (var, val)
+                # go through the frames of the exception's traceback
+                for frame, _ in traceback.walk_tb(exception.__traceback__)
+                # skipping the current frame
+                if frame is not exception.__traceback__.tb_frame
+                # go through the locals captured in that frame
+                for var, val in frame.f_locals.items()
+                # check if one of them is an exception
+                if isinstance(val, Exception)
+                # check if it is captured in its own traceback
+                and frame is val.__traceback__.tb_frame
+            ],
+            msg=f"the exception's traceback should not contain an exception captured in its own traceback",
+        )
         self.assertEqual(next(i), (1, 0))
         self.assertRaises(StopIteration, next, i)
         self.assertRaises(StopIteration, next, i)
@@ -212,7 +248,7 @@ def test_map_buffersize_when_buffer_is_full(self):
         self.assertEqual(
             next(ints),
             buffersize,
-            msg="should have fetched only `buffersize` elements from `ints`.",
+            msg="should have fetched only `buffersize` elements from `ints`",
         )
 
     @warnings_helper.ignore_fork_in_thread_deprecation_warnings()