PerfView - Cannot create a file when that file already exists. (Exception from HRESULT: 0x800700B7)

When I try to create an ETL file using PerfView v1.9.0.0 (Collect -> Collect -> Start Collection, with default parameters) the operation fails stating "An exceptional condition occurred, see log for details."

Below is what I see in the log:

Started with command line: "C:\Users\XYZ\Desktop\PerfView.exe" 
PerfView Version: 1.9.0.0  BuildDate: Fri 02/12/2016 11:19:34.83
Started: View
Warning: PdbScope not found at C:\Users\XYZ\Desktop\PerfViewExtensions\PdbScope.exe
Disabling the Image Size Menu Item.
Warning: ILSize not found at C:\Users\XYZ\Desktop\PerfViewExtensions\ILSize.dll
Disabling the IL Size Menu Item.
Completed: View   (Elapsed Time: 0.021 sec)
Collection Dialog open.
Started: Collecting data C:\Users\XYZ\Desktop\PerfViewData.etl
[Kernel Log: C:\Users\XYZ\Desktop\PerfViewData.kernel.etl]
Kernel keywords enabled: Default
Aborting tracing for sessions 'NT Kernel Logger' and 'PerfViewSession'.
Insuring .NET Allocation profiler not installed.
Completed: Collecting data C:\Users\XYZ\Desktop\PerfViewData.etl   (Elapsed Time: 1.300 sec)
Exception Occurred: System.Runtime.InteropServices.COMException (0x800700B7): Cannot create a file when that file already exists. (Exception from HRESULT: 0x800700B7)
   at System.Runtime.InteropServices.Marshal.ThrowExceptionForHRInternal(Int32 errorCode, IntPtr errorInfo)
   at Microsoft.Diagnostics.Tracing.Session.TraceEventSession.EnableKernelProvider(Keywords flags, Keywords stackCapture)
   at PerfView.CommandProcessor.Start(CommandLineArgs parsedArgs)
   at PerfView.CommandProcessor.Collect(CommandLineArgs parsedArgs)
   at PerfView.MainWindow.<>c__DisplayClass13_0.<ExecuteCommand>b__0()
   at PerfView.StatusBar.<>c__DisplayClass19_0.<StartWork>b__0(Object <state>)
An exceptional condition occurred, see log for details.

Off course, the file never existed before and does not exist after the (failed) operation too. This happens every time I try to collect, regardless of the file name or the directory I provide.

What am I doing wrong?

Until Windows 7, you can only use one kernel session with the name NT Kernel Logger. Starting with Windows 8, you can create new sessions with a different name.

On Windows 8, Windows Server 2012, and later, the SystemTraceProvider can be multiplexed for up to 8 logger sessions. The first two slots for logger sessions are reserved for the NT Kernel Logger and the Circular Kernel Context Logger .

So stop tools that use NT Kernel Logger (like Process Explorer, Process Hacker, Resmon) to fix the the issue.