We present the first sound and complete axiomatization of infinite trace semantics for generative probabilistic transition systems. Our approach is categorical, and we build on recent results on proper functors over convex sets. At the core of our proof is a characterization of infinite traces as the final coalgebra of a functor over convex algebras. Somewhat surprisingly, our axiomatization of infinite trace semantics coincides with that of finite trace semantics, even though the techniques used in the completeness proof are significantly different
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