diff --git a/py/objexcept.c b/py/objexcept.c
index 976535754b..24fb564e23 100644
--- a/py/objexcept.c
+++ b/py/objexcept.c
@@ -155,6 +155,12 @@ void mp_obj_exception_print(const mp_print_t *print, mp_obj_t o_in, mp_print_kin
     mp_obj_tuple_print(print, MP_OBJ_FROM_PTR(o->args), kind);
 }
 
+void mp_obj_exception_initialize0(mp_obj_exception_t *o_exc, const mp_obj_type_t *type) {
+    o_exc->base.type = type;
+    o_exc->args = (mp_obj_tuple_t *)&mp_const_empty_tuple_obj;
+    mp_obj_exception_clear_traceback(o_exc);
+}
+
 mp_obj_t mp_obj_exception_make_new(const mp_obj_type_t *type, size_t n_args, size_t n_kw, const mp_obj_t *args) {
     mp_arg_check_num(n_args, n_kw, 0, MP_OBJ_FUN_ARGS_MAX, false);
 
@@ -583,6 +589,12 @@ void mp_obj_exception_clear_traceback(mp_obj_t self_in) {
     // just set the traceback to the empty traceback object
     // we don't want to call any memory management functions here
     self->traceback = (mp_obj_traceback_t *)&mp_const_empty_traceback_obj;
+    #if MICROPY_CPYTHON_EXCEPTION_CHAIN
+    self->cause = 0;
+    self->context = 0;
+    self->suppress_context = false;
+    self->marked = false;
+    #endif
 }
 
 void mp_obj_exception_add_traceback(mp_obj_t self_in, qstr file, size_t line, qstr block) {
diff --git a/py/objexcept.h b/py/objexcept.h
index 77b338e951..1230fdf18a 100644
--- a/py/objexcept.h
+++ b/py/objexcept.h
@@ -43,6 +43,7 @@ typedef struct _mp_obj_exception_t {
 
 void mp_obj_exception_print(const mp_print_t *print, mp_obj_t o_in, mp_print_kind_t kind);
 void mp_obj_exception_attr(mp_obj_t self_in, qstr attr, mp_obj_t *dest);
+void mp_obj_exception_initialize0(mp_obj_exception_t *o_exc, const mp_obj_type_t *type);
 mp_obj_exception_t *mp_obj_exception_get_native(mp_obj_t self_in);
 
 #define MP_DEFINE_EXCEPTION(exc_name, base_name) \
diff --git a/py/objgenerator.c b/py/objgenerator.c
index 2256911e23..7c3ec99307 100644
--- a/py/objgenerator.c
+++ b/py/objgenerator.c
@@ -40,10 +40,11 @@
 // Instance of GeneratorExit exception - needed by generator.close()
 #if MICROPY_CONST_GENERATOREXIT_OBJ
 const
+mp_obj_exception_t mp_static_GeneratorExit_obj = {{&mp_type_GeneratorExit}, (mp_obj_tuple_t *)&mp_const_empty_tuple_obj, (mp_obj_traceback_t *)&mp_const_empty_traceback_obj};
 #else
 static
+mp_obj_exception_t mp_static_GeneratorExit_obj;
 #endif
-mp_obj_exception_t mp_static_GeneratorExit_obj = {{&mp_type_GeneratorExit}, (mp_obj_tuple_t *)&mp_const_empty_tuple_obj, (mp_obj_traceback_t *)&mp_const_empty_traceback_obj};
 
 /******************************************************************************/
 /* generator wrapper                                                          */
@@ -370,9 +371,7 @@ STATIC MP_DEFINE_CONST_FUN_OBJ_VAR_BETWEEN(gen_instance_throw_obj, 2, 4, gen_ins
 static mp_obj_t generatorexit(void) {
     #if MICROPY_CPYTHON_EXCEPTION_CHAIN
     MP_STATIC_ASSERT(!MICROPY_CONST_GENERATOREXIT_OBJ);
-    mp_static_GeneratorExit_obj.context = NULL;
-    mp_static_GeneratorExit_obj.cause = NULL;
-    mp_static_GeneratorExit_obj.suppress_context = false;
+    mp_obj_exception_initialize0(&mp_static_GeneratorExit_obj, &mp_type_GeneratorExit);
     #endif
     return MP_OBJ_FROM_PTR(&mp_static_GeneratorExit_obj);
 }
diff --git a/py/runtime.c b/py/runtime.c
index 9779456d0c..9227594d83 100644
--- a/py/runtime.c
+++ b/py/runtime.c
@@ -78,14 +78,10 @@ void mp_init(void) {
 
     #if MICROPY_KBD_EXCEPTION
     // initialise the exception object for raising KeyboardInterrupt
-    MP_STATE_VM(mp_kbd_exception).base.type = &mp_type_KeyboardInterrupt;
-    MP_STATE_VM(mp_kbd_exception).args = (mp_obj_tuple_t *)&mp_const_empty_tuple_obj;
-    MP_STATE_VM(mp_kbd_exception).traceback = (mp_obj_traceback_t *)&mp_const_empty_traceback_obj;
+    mp_obj_exception_initialize0(&MP_STATE_VM(mp_kbd_exception), &mp_type_KeyboardInterrupt);
     #endif
 
-    MP_STATE_VM(mp_reload_exception).base.type = &mp_type_ReloadException;
-    MP_STATE_VM(mp_reload_exception).args = (mp_obj_tuple_t *)&mp_const_empty_tuple_obj;
-    MP_STATE_VM(mp_reload_exception).traceback = (mp_obj_traceback_t *)&mp_const_empty_traceback_obj;
+    mp_obj_exception_initialize0(&MP_STATE_VM(mp_reload_exception), &mp_type_ReloadException);
 
     // call port specific initialization if any
     #ifdef MICROPY_PORT_INIT_FUNC