diff --git a/spring-tx/src/main/java/org/springframework/transaction/interceptor/TransactionAspectSupport.java b/spring-tx/src/main/java/org/springframework/transaction/interceptor/TransactionAspectSupport.java
index db051b108909..2175a92da189 100644
--- a/spring-tx/src/main/java/org/springframework/transaction/interceptor/TransactionAspectSupport.java
+++ b/spring-tx/src/main/java/org/springframework/transaction/interceptor/TransactionAspectSupport.java
@@ -834,15 +834,18 @@ public Object invokeWithinTransaction(Method method, @Nullable Class<?> targetCl
 						try {
 							// This is an around advice: Invoke the next interceptor in the chain.
 							// This will normally result in a target object being invoked.
-							Mono<Object> retVal = (Mono) invocation.proceedWithInvocation();
-							return retVal
-									.onErrorResume(ex -> completeTransactionAfterThrowing(it, ex).then(Mono.error(ex))).materialize()
-									.flatMap(signal -> {
-										if (signal.isOnComplete() || signal.isOnNext()) {
-											return commitTransactionAfterReturning(it).thenReturn(signal);
-										}
-										return Mono.just(signal);
-									}).dematerialize();
+							// Need re-wrapping of ReactiveTransaction until we get hold of the exception
+							// through usingWhen.
+							return Mono.<Object, ReactiveTransactionInfo>usingWhen(Mono.just(it), s -> {
+								try {
+									return (Mono) invocation.proceedWithInvocation();
+								}
+								catch (Throwable throwable) {
+									return Mono.error(throwable);
+								}
+							}, this::commitTransactionAfterReturning, s -> Mono.empty())
+									.onErrorResume(ex -> completeTransactionAfterThrowing(it, ex)
+									.then(Mono.error(ex)));
 						}
 						catch (Throwable ex) {
 							// target invocation exception
@@ -860,15 +863,19 @@ public Object invokeWithinTransaction(Method method, @Nullable Class<?> targetCl
 					try {
 						// This is an around advice: Invoke the next interceptor in the chain.
 						// This will normally result in a target object being invoked.
-						Flux<Object> retVal = Flux.from(this.adapter.toPublisher(invocation.proceedWithInvocation()));
-						return retVal
-								.onErrorResume(ex -> completeTransactionAfterThrowing(it, ex).then(Mono.error(ex)))
-								.materialize().flatMap(signal -> {
-									if (signal.isOnComplete()) {
-										return commitTransactionAfterReturning(it).materialize();
-									}
-									return Mono.just(signal);
-								}).dematerialize();
+						// Need re-wrapping of ReactiveTransaction until we get hold of the exception
+						// through usingWhen.
+						return Flux.usingWhen(Mono.just(it), s -> {
+							try {
+								return this.adapter.toPublisher(
+										invocation.proceedWithInvocation());
+							}
+							catch (Throwable throwable) {
+								return Mono.error(throwable);
+							}
+						}, this::commitTransactionAfterReturning, s -> Mono.empty())
+								.onErrorResume(ex -> completeTransactionAfterThrowing(it, ex)
+								.then(Mono.error(ex)));
 					}
 					catch (Throwable ex) {
 						// target invocation exception
diff --git a/spring-tx/src/main/java/org/springframework/transaction/reactive/TransactionContextManager.java b/spring-tx/src/main/java/org/springframework/transaction/reactive/TransactionContextManager.java
index 53dd59f23db4..7dc42c5c15e3 100644
--- a/spring-tx/src/main/java/org/springframework/transaction/reactive/TransactionContextManager.java
+++ b/spring-tx/src/main/java/org/springframework/transaction/reactive/TransactionContextManager.java
@@ -88,7 +88,7 @@ public static Function<Context, Context> getOrCreateContext() {
 		return context -> {
 			TransactionContextHolder holder = context.get(TransactionContextHolder.class);
 			if (holder.hasContext()) {
-				context.put(TransactionContext.class, holder.currentContext());
+				return context.put(TransactionContext.class, holder.currentContext());
 			}
 			return context.put(TransactionContext.class, holder.createContext());
 		};
diff --git a/spring-tx/src/test/java/org/springframework/transaction/interceptor/AbstractReactiveTransactionAspectTests.java b/spring-tx/src/test/java/org/springframework/transaction/interceptor/AbstractReactiveTransactionAspectTests.java
index 4e7213c84b66..507c9d4e941e 100644
--- a/spring-tx/src/test/java/org/springframework/transaction/interceptor/AbstractReactiveTransactionAspectTests.java
+++ b/spring-tx/src/test/java/org/springframework/transaction/interceptor/AbstractReactiveTransactionAspectTests.java
@@ -33,6 +33,7 @@
 
 import static org.assertj.core.api.Assertions.*;
 import static org.assertj.core.api.Fail.fail;
+import static org.junit.Assert.*;
 import static org.mockito.Mockito.*;
 
 /**
@@ -321,6 +322,7 @@ public void cannotCommitTransaction() throws Exception {
 		when(rtm.getReactiveTransaction(txatt)).thenReturn(Mono.just(status));
 		UnexpectedRollbackException ex = new UnexpectedRollbackException("foobar", null);
 		when(rtm.commit(status)).thenReturn(Mono.error(ex));
+		when(rtm.rollback(status)).thenReturn(Mono.empty());
 
 		DefaultTestBean tb = new DefaultTestBean();
 		TestBean itb = (TestBean) advised(tb, rtm, tas);
@@ -329,7 +331,10 @@ public void cannotCommitTransaction() throws Exception {
 
 		Mono.from(itb.setName(name))
 				.as(StepVerifier::create)
-				.expectError(UnexpectedRollbackException.class)
+				.consumeErrorWith(throwable -> {
+					assertEquals(RuntimeException.class, throwable.getClass());
+					assertEquals(ex, throwable.getCause());
+				})
 				.verify();
 
 		// Should have invoked target and changed name