diff --git a/CMakeLists.txt b/CMakeLists.txt
index 29942ff..2cd810a 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -191,7 +191,7 @@ if(NOT DEFINED OTEL_CPP_INSTALLED_DIR)
    include(ExternalProject)
    set(OTEL_CPP_PROJECT_NAME opentelemetry-cpp)
    set(OTEL_CPP_GIT_REPOSITORY "https://github.com/open-telemetry/opentelemetry-cpp.git")
-   set(OTEL_CPP_GIT_TAG "054b0dc")
+   set(OTEL_CPP_GIT_TAG "baecbb9")
 
    set(OTEL_CPP_CXX_STANDARD 14)
 
@@ -209,6 +209,7 @@ if(NOT DEFINED OTEL_CPP_INSTALLED_DIR)
        set(patch_command "")
    endif()
 
+   # WITH_DEPRECATED_SDK_FACTORY flag is only needed for versions 1.16.0 and 1.16.1, and will be removed in 1.17.0
    ExternalProject_Add(
        ${OTEL_CPP_PROJECT_NAME}
        GIT_REPOSITORY ${OTEL_CPP_GIT_REPOSITORY}
@@ -216,7 +217,7 @@ if(NOT DEFINED OTEL_CPP_INSTALLED_DIR)
        PREFIX ${OTEL_CPP_PREFIX}
        UPDATE_DISCONNECTED 1
        PATCH_COMMAND ${patch_command}
-       CMAKE_ARGS -DCMAKE_POSITION_INDEPENDENT_CODE=ON -DCMAKE_CXX_COMPILER=${CMAKE_CXX_COMPILER} -DCMAKE_C_COMPILER=${CMAKE_C_COMPILER} -DCMAKE_BUILD_TYPE=${CMAKE_BUILD_TYPE} -DWITH_OTLP_HTTP=${WITH_OTLP_HTTP} -DWITH_OTLP_GRPC=${WITH_OTLP_GRPC} -DWITH_OTLP_FILE=${WITH_OTLP_FILE} -DBUILD_TESTING=OFF -DWITH_BENCHMARK=OFF -DOPENTELEMETRY_INSTALL=ON -DCMAKE_TOOLCHAIN_FILE=${CMAKE_TOOLCHAIN_FILE} -DCMAKE_CXX_STANDARD=${OTEL_CPP_CXX_STANDARD} -DVCPKG_INSTALLED_DIR=${VCPKG_INSTALLED_DIR} ${TRIPLET_DEFINITIONS}
+       CMAKE_ARGS -DCMAKE_POSITION_INDEPENDENT_CODE=ON -DCMAKE_CXX_COMPILER=${CMAKE_CXX_COMPILER} -DCMAKE_C_COMPILER=${CMAKE_C_COMPILER} -DCMAKE_BUILD_TYPE=${CMAKE_BUILD_TYPE} -DWITH_OTLP_HTTP=${WITH_OTLP_HTTP} -DWITH_OTLP_GRPC=${WITH_OTLP_GRPC} -DWITH_OTLP_FILE=${WITH_OTLP_FILE} -DBUILD_TESTING=OFF -DWITH_BENCHMARK=OFF -DWITH_DEPRECATED_SDK_FACTORY=OFF -DOPENTELEMETRY_INSTALL=ON -DCMAKE_TOOLCHAIN_FILE=${CMAKE_TOOLCHAIN_FILE} -DCMAKE_CXX_STANDARD=${OTEL_CPP_CXX_STANDARD} -DVCPKG_INSTALLED_DIR=${VCPKG_INSTALLED_DIR} ${TRIPLET_DEFINITIONS}
        BUILD_BYPRODUCTS ${OTEL_CPP_LIBRARIES}
        INSTALL_DIR ${OTEL_CPP_PREFIX}
        INSTALL_COMMAND ${CMAKE_COMMAND} --install . --prefix ${OTEL_CPP_PREFIX} --config $<CONFIG>
diff --git a/patches/otel-cpp-mac.patch b/patches/otel-cpp-mac.patch
index 75c01cd..a422ad0 100644
--- a/patches/otel-cpp-mac.patch
+++ b/patches/otel-cpp-mac.patch
@@ -1,13 +1,13 @@
 diff --git a/cmake/opentelemetry-proto.cmake b/cmake/opentelemetry-proto.cmake
-index 22082356..e25a89a2 100644
+index 62197068..150ce3fb 100644
 --- a/cmake/opentelemetry-proto.cmake
 +++ b/cmake/opentelemetry-proto.cmake
-@@ -276,7 +276,7 @@ if(WITH_OTLP_GRPC)
-     PUBLIC opentelemetry_proto)
+@@ -346,7 +346,7 @@ if(WITH_OTLP_GRPC)
+   target_link_libraries(opentelemetry_proto_grpc PUBLIC opentelemetry_proto)
  
    get_target_property(grpc_lib_type gRPC::grpc++ TYPE)
--  if (grpc_lib_type STREQUAL "SHARED_LIBRARY")
-+  if (grpc_lib_type STREQUAL "SHARED_LIBRARY" OR APPLE)
-     target_link_libraries(opentelemetry_proto_grpc
-       PUBLIC gRPC::grpc++)
+-  if(grpc_lib_type STREQUAL "SHARED_LIBRARY")
++  if(grpc_lib_type STREQUAL "SHARED_LIBRARY" OR APPLE)
+     target_link_libraries(opentelemetry_proto_grpc PUBLIC gRPC::grpc++)
    endif()
+   set_target_properties(opentelemetry_proto_grpc PROPERTIES EXPORT_NAME
diff --git a/sdk/logs/src/LoggerProviderProxy.cpp b/sdk/logs/src/LoggerProviderProxy.cpp
index 15748f2..a3fc4ff 100644
--- a/sdk/logs/src/LoggerProviderProxy.cpp
+++ b/sdk/logs/src/LoggerProviderProxy.cpp
@@ -45,8 +45,11 @@ libmexclass::proxy::MakeResult LoggerProviderProxy::make(const libmexclass::prox
     
        auto resource_custom = createResource(resourcenames_mda, resourcevalues_mda);
 
-       out = std::make_shared<LoggerProviderProxy>(nostd::shared_ptr<logs_api::LoggerProvider>(
-		    std::move(logs_sdk::LoggerProviderFactory::Create(std::move(processor), resource_custom))));
+       std::unique_ptr<logs_sdk::LoggerProvider> p_sdk = logs_sdk::LoggerProviderFactory::Create(
+				       std::move(processor), resource_custom);
+       nostd::shared_ptr<logs_sdk::LoggerProvider> p_sdk_shared(std::move(p_sdk));
+       nostd::shared_ptr<logs_api::LoggerProvider> p_api_shared(std::move(p_sdk_shared));
+       out = std::make_shared<LoggerProviderProxy>(p_api_shared);
     }
     return out;
 }
diff --git a/sdk/metrics/src/MeterProviderProxy.cpp b/sdk/metrics/src/MeterProviderProxy.cpp
index 9360d9f..57c290a 100644
--- a/sdk/metrics/src/MeterProviderProxy.cpp
+++ b/sdk/metrics/src/MeterProviderProxy.cpp
@@ -1,4 +1,4 @@
-// Copyright 2023 The MathWorks, Inc.
+// Copyright 2023-2024 The MathWorks, Inc.
 
 #include "opentelemetry-matlab/sdk/metrics/MeterProviderProxy.h"
 #include "opentelemetry-matlab/sdk/metrics/PeriodicExportingMetricReaderProxy.h"
@@ -39,8 +39,7 @@ libmexclass::proxy::MakeResult MeterProviderProxy::make(const libmexclass::proxy
 	            libmexclass::proxy::ProxyManager::getProxy(readerid))->getInstance();
         
         auto view_registry = metrics_sdk::ViewRegistryFactory::Create();
-        auto p = metrics_sdk::MeterProviderFactory::Create(std::move(view_registry), resource_custom);
-        auto *p_sdk = static_cast<metrics_sdk::MeterProvider *>(p.get());
+        auto p_sdk = metrics_sdk::MeterProviderFactory::Create(std::move(view_registry), resource_custom);
         p_sdk->AddMetricReader(std::move(reader));
 
 	// View
@@ -52,8 +51,9 @@ libmexclass::proxy::MakeResult MeterProviderProxy::make(const libmexclass::proxy
             p_sdk->AddView(view->getInstrumentSelector(), view->getMeterSelector(), view->getView());
 	}
 
-        auto p_out = nostd::shared_ptr<metrics_api::MeterProvider>(std::move(p));
-        out = std::make_shared<MeterProviderProxy>(p_out);
+	nostd::shared_ptr<metrics_sdk::MeterProvider> p_sdk_shared(std::move(p_sdk));
+	nostd::shared_ptr<metrics_api::MeterProvider> p_api_shared(std::move(p_sdk_shared));
+        out = std::make_shared<MeterProviderProxy>(p_api_shared);
     }
     return out;
 }
diff --git a/sdk/trace/src/TracerProviderProxy.cpp b/sdk/trace/src/TracerProviderProxy.cpp
index 022ca8b..64c599e 100644
--- a/sdk/trace/src/TracerProviderProxy.cpp
+++ b/sdk/trace/src/TracerProviderProxy.cpp
@@ -1,4 +1,4 @@
-// Copyright 2023 The MathWorks, Inc.
+// Copyright 2023-2024 The MathWorks, Inc.
 
 #include "opentelemetry-matlab/sdk/trace/TracerProviderProxy.h"
 #include "opentelemetry-matlab/sdk/trace/SpanProcessorProxy.h"
@@ -14,6 +14,7 @@
 #include "opentelemetry/trace/tracer_provider.h"
 #include "opentelemetry/trace/noop.h"
 #include "opentelemetry/common/key_value_iterable_view.h"
+#include "opentelemetry/nostd/shared_ptr.h"
 
 namespace trace_api = opentelemetry::trace;
 namespace trace_sdk = opentelemetry::sdk::trace;
@@ -53,9 +54,11 @@ libmexclass::proxy::MakeResult TracerProviderProxy::make(const libmexclass::prox
     
        auto resource_custom = createResource(resourcenames_mda, resourcevalues_mda);
 
-       out = std::make_shared<TracerProviderProxy>(nostd::shared_ptr<trace_api::TracerProvider>(
-		    std::move(trace_sdk::TracerProviderFactory::Create(std::move(processor), resource_custom,
-		    std::move(sampler)))));
+       std::unique_ptr<trace_sdk::TracerProvider> p_sdk = trace_sdk::TracerProviderFactory::Create(std::move(processor), 
+		       resource_custom, std::move(sampler));
+       nostd::shared_ptr<trace_sdk::TracerProvider> p_sdk_shared(std::move(p_sdk));
+       nostd::shared_ptr<trace_api::TracerProvider> p_api_shared(std::move(p_sdk_shared));
+       out = std::make_shared<TracerProviderProxy>(p_api_shared);
     }
     return out;
 }
diff --git a/test/tlogs_sdk.m b/test/tlogs_sdk.m
index 1adca6e..d56b771 100644
--- a/test/tlogs_sdk.m
+++ b/test/tlogs_sdk.m
@@ -67,6 +67,7 @@ function testOtlpFileExporter(testCase)
 
             % perform test comparisons
             forceFlush(lp, testCase.ForceFlushTimeout);
+            clear("lg", "lp");
             results = jsondecode(fileread(alias));
 
             % check logger name, log body and severity
diff --git a/test/tmetrics_sdk.m b/test/tmetrics_sdk.m
index e908b65..2915f16 100644
--- a/test/tmetrics_sdk.m
+++ b/test/tmetrics_sdk.m
@@ -96,7 +96,7 @@ function testOtlpFileExporter(testCase)
             ct.add(val);
 
             % fetch result
-            clear p;
+            clear("ct", "mt", "p");
             results = jsondecode(fileread(alias));
 
             % verify meter and counter names
diff --git a/test/ttrace_sdk.m b/test/ttrace_sdk.m
index 4268cc4..20c81e2 100644
--- a/test/ttrace_sdk.m
+++ b/test/ttrace_sdk.m
@@ -151,9 +151,9 @@ function testOtlpFileExporter(testCase)
             tracername = "foo";
             spanname = "bar";
             tr = getTracer(tp, tracername);
-            sp = startSpan(tr, spanname);
+            sp = startSpan(tr, spanname); %#ok<NASGU>
             pause(1);
-            endSpan(sp);
+            clear("sp", "tr", "tp");
 
             % perform test comparisons
             results = jsondecode(fileread(alias));