At present, there's a known limitation when using UTM tracking in email links that point to Dynamics 365 (D365) records. If tracking is applied for these links, recipients will encounter an error when attempting to open them after the email is sent.

This behavior has been confirmed by the development team as expected—UTM tracking is not supported for links that lead directly to D365 records.

However, there's growing interest among users to enable UTM tracking for these types of links. Doing so would provide valuable insights into how recipients interact with D365 records via email, enhancing visibility and engagement tracking.

Supporting UTM tracking for D365 record links would be a significant improvement, empowering users with better analytics and a more seamless experience.