diff --git a/CHANGELOG.md b/CHANGELOG.md
index d8f44541..7edb06e3 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,6 @@
 # Level zero loader changelog
+## v1.33.1
+* Fix: Driver extension callback tracing compatibility with legacy drivers (#507)
 ## v1.33.0
 * Update to L0 Zero Spec v1.18.31: https://oneapi-src.github.io/level-zero-spec/releases/index.html#level-zero-v1-18-31
 * Feature: Driver Extension Callback Tracing (#498)
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 2acb8734..c96c090d 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -13,7 +13,7 @@ if(MSVC AND (MSVC_VERSION LESS 1900))
 endif()
 
 # This project follows semantic versioning (https://semver.org/)
-project(level-zero VERSION 1.33.0)
+project(level-zero VERSION 1.33.1)
 include(GNUInstallDirs)
 
 find_package(Git)
diff --git a/PRODUCT_GUID.txt b/PRODUCT_GUID.txt
index 9254fbfb..6ad2901b 100644
--- a/PRODUCT_GUID.txt
+++ b/PRODUCT_GUID.txt
@@ -1,2 +1,2 @@
-1.33.0
-9aa8b76f-f86c-4b71-90b4-82b0dd7eb517
\ No newline at end of file
+1.33.1
+0247f48d-dc6e-4ba2-a189-2059217d7593
\ No newline at end of file