diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index 16ee9ed..726482d 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -14,6 +14,17 @@ Change Log
 Unreleased
 ~~~~~~~~~~
 
+[3.5.0] - 2024-07-11
+~~~~~~~~~~~~~~~~~~~~
+Added
+-----
+* Toggle ``DATADOG_DIAGNOSTICS_ENABLE`` for disabling that plugin quickly if needed. (Feature remains enabled by default.)
+
+Fixed
+-----
+* Limit the number of spans collected via new setting ``DATADOG_DIAGNOSTICS_MAX_SPANS``, defaulting to 100. This may help avoid memory leaks.
+* Make accidental class variables into member variables in ``datadog_diagnostics``
+
 [3.4.0] - 2024-07-10
 ~~~~~~~~~~~~~~~~~~~~
 Added
diff --git a/edx_arch_experiments/__init__.py b/edx_arch_experiments/__init__.py
index 37183df..5196718 100644
--- a/edx_arch_experiments/__init__.py
+++ b/edx_arch_experiments/__init__.py
@@ -2,4 +2,4 @@
 A plugin to include applications under development by the architecture team at 2U.
 """
 
-__version__ = '3.4.0'
+__version__ = '3.5.0'
diff --git a/edx_arch_experiments/datadog_diagnostics/apps.py b/edx_arch_experiments/datadog_diagnostics/apps.py
index 86494a8..de29169 100644
--- a/edx_arch_experiments/datadog_diagnostics/apps.py
+++ b/edx_arch_experiments/datadog_diagnostics/apps.py
@@ -5,23 +5,44 @@
 import logging
 
 from django.apps import AppConfig
+from django.conf import settings
 
 log = logging.getLogger(__name__)
 
 
+# .. toggle_name: DATADOG_DIAGNOSTICS_ENABLE
+# .. toggle_implementation: DjangoSetting
+# .. toggle_default: True
+# .. toggle_description: Enables logging of Datadog diagnostics information.
+# .. toggle_use_cases: circuit_breaker
+# .. toggle_creation_date: 2024-07-11
+# .. toggle_tickets: https://github.com/edx/edx-arch-experiments/issues/692
+DATADOG_DIAGNOSTICS_ENABLE = getattr(settings, 'DATADOG_DIAGNOSTICS_ENABLE', True)
+
+# .. setting_name: DATADOG_DIAGNOSTICS_MAX_SPANS
+# .. setting_default: 100
+# .. setting_description: Limit of how many spans to hold onto and log
+#   when diagnosing Datadog tracing issues. This limits memory consumption
+#   avoids logging more data than is actually needed for diagnosis.
+DATADOG_DIAGNOSTICS_MAX_SPANS = getattr(settings, 'DATADOG_DIAGNOSTICS_MAX_SPANS', 100)
+
+
 class MissingSpanProcessor:
     """Datadog span processor that logs unfinished spans at shutdown."""
-    spans_started = 0
-    spans_finished = 0
-    open_spans = {}
+
+    def __init__(self):
+        self.spans_started = 0
+        self.spans_finished = 0
+        self.open_spans = {}
 
     def on_span_start(self, span):
         self.spans_started += 1
-        self.open_spans[span.span_id] = span
+        if len(self.open_spans) < DATADOG_DIAGNOSTICS_MAX_SPANS:
+            self.open_spans[span.span_id] = span
 
     def on_span_finish(self, span):
         self.spans_finished += 1
-        del self.open_spans[span.span_id]
+        self.open_spans.pop(span.span_id, None)  # "delete if present"
 
     def shutdown(self, _timeout):
         log.info(f"Spans created = {self.spans_started}; spans finished = {self.spans_finished}")
@@ -39,6 +60,9 @@ class DatadogDiagnostics(AppConfig):
     plugin_app = {}
 
     def ready(self):
+        if not DATADOG_DIAGNOSTICS_ENABLE:
+            return
+
         try:
             from ddtrace import tracer  # pylint: disable=import-outside-toplevel
             tracer._span_processors.append(MissingSpanProcessor())  # pylint: disable=protected-access
diff --git a/edx_arch_experiments/datadog_diagnostics/tests/__init__.py b/edx_arch_experiments/datadog_diagnostics/tests/__init__.py
new file mode 100644
index 0000000..e69de29
diff --git a/edx_arch_experiments/datadog_diagnostics/tests/test_app.py b/edx_arch_experiments/datadog_diagnostics/tests/test_app.py
new file mode 100644
index 0000000..b0ce611
--- /dev/null
+++ b/edx_arch_experiments/datadog_diagnostics/tests/test_app.py
@@ -0,0 +1,51 @@
+"""
+Tests for plugin app.
+"""
+
+from unittest.mock import patch
+
+from django.test import TestCase
+
+from .. import apps
+
+
+class FakeSpan:
+    """A fake Span instance that just carries a span_id."""
+    def __init__(self, span_id):
+        self.span_id = span_id
+
+    def _pprint(self):
+        return f"span_id={self.span_id}"
+
+
+class TestMissingSpanProcessor(TestCase):
+    """Tests for MissingSpanProcessor."""
+
+    @patch.object(apps, 'DATADOG_DIAGNOSTICS_MAX_SPANS', new=3)
+    def test_metrics(self):
+        proc = apps.MissingSpanProcessor()
+        ids = [2, 4, 6, 8, 10]
+
+        for span_id in ids:
+            proc.on_span_start(FakeSpan(span_id))
+
+        assert {(sk, sv.span_id) for sk, sv in proc.open_spans.items()} == {(2, 2), (4, 4), (6, 6)}
+        assert proc.spans_started == 5
+        assert proc.spans_finished == 0
+
+        for span_id in ids:
+            proc.on_span_finish(FakeSpan(span_id))
+
+        assert proc.open_spans.keys() == set()
+        assert proc.spans_started == 5
+        assert proc.spans_finished == 5
+
+    @patch('edx_arch_experiments.datadog_diagnostics.apps.log.info')
+    @patch('edx_arch_experiments.datadog_diagnostics.apps.log.error')
+    def test_logging(self, mock_log_error, mock_log_info):
+        proc = apps.MissingSpanProcessor()
+        proc.on_span_start(FakeSpan(17))
+        proc.shutdown(0)
+
+        mock_log_info.assert_called_once_with("Spans created = 1; spans finished = 0")
+        mock_log_error.assert_called_once_with("Span created but not finished: span_id=17")