diff --git a/CHANGELOG-PRERELEASE.md b/CHANGELOG-PRERELEASE.md
index 1c19e8c7e..300b74925 100644
--- a/CHANGELOG-PRERELEASE.md
+++ b/CHANGELOG-PRERELEASE.md
@@ -16,6 +16,7 @@ The format is based on [Keep a Changelog].
 ### Removed
 
 ### Fixed
+- Missing Reference Exception with Trace and Optimize `#986`
 
 ### Security
 
diff --git a/CHANGELOG.md b/CHANGELOG.md
index cf562e1ba..9fa716038 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -16,6 +16,7 @@ The format is based on [Keep a Changelog].
 ### Removed
 
 ### Fixed
+- Missing Reference Exception with Trace and Optimize `#986`
 
 ### Security
 
diff --git a/Editor/Processors/TraceAndOptimize/FindUnusedObjectsProcessor.cs b/Editor/Processors/TraceAndOptimize/FindUnusedObjectsProcessor.cs
index 95887266a..c1196e669 100644
--- a/Editor/Processors/TraceAndOptimize/FindUnusedObjectsProcessor.cs
+++ b/Editor/Processors/TraceAndOptimize/FindUnusedObjectsProcessor.cs
@@ -125,7 +125,9 @@ private void ActivenessAnimation(GCComponentInfoHolder componentInfos)
 
                         do
                         {
-                            var current = GetEntrypointActiveness(enumerator.Current, _context);
+                            var component = enumerator.Current;
+                            if (component == null) continue;
+                            var current = GetEntrypointActiveness(component, _context);
                             resultSet.IntersectWith(current);
                         } while (enumerator.MoveNext() && resultSet.Count != 0);
                     }