$K$-theory of endomorphisms, the $TR$-trace, and zeta functions

We show that the characteristic polynomial and the Lefschetz zeta function are manifestations of the trace map from the $K$-theory of endomorphisms to topological restriction homology (TR). Along the way we generalize Lindenstrauss and McCarthy’s map from $K$-theory of endomorphisms to topological restriction homology, defining it for any Waldhausen category with a compatible enrichment in orthogonal spectra. In particular, this extends their construction from rings to ring spectra. We also give a revisionist treatment of the original Dennis trace map from $K$-theory to topological Hochschild homology (THH) and explain its connection to traces in bicategories with shadow (also known as trace theories).