Yep, ball valve on the end.
The way the trap works is that water flows down the 45 into the Y/90 trap. The water continues up the Y while any sediment gets caught in the turbulence and falls into the 90 and pipe following it. The water flows up a pipe to the pump intake about 3 - 4 ft above the trap. Gravity will do its thing and anything big enough to cause pump trouble will fall into the trap below.
I'm still considering putting the settling tanks in. I may do it just for the sake of more protection on the pumps and easier heater coil installation.