The py2 code is here
import sys
traceback = sys.exc_info()[2]
raise ValueError, "wrong value", traceback
The code generated by futurize is here
import sys
traceback = sys.exc_info()[2]
raise ValueError("wrong value").with_traceback(traceback)
The second one is only legal on python3.
I think that it is reasonable to fix the exception with traceback by use the function future.utils.raise_()