Planar transformers, and corresponding methods of manufacturing planar transformers are disclosed. The planar transformers include circuit layers that reduce termination losses on at least one of the circuit layers. The circuit layers are stacked together in a first direction and include at least first and second circuit layers. The first and second circuit layers each include an electrically conductive trace forming at least one winding having a first termination portion and a second termination portion that are separated by a gap. The gaps of the first and second circuit layers are offset relative to each other in a second direction different from the first direction. The circuit layers may further include a third circuit layer, which includes an electrically conductive trace having a grounded portion that is disposed adjacent to at least one of the gaps of the first and second circuit layers.