Description of Bosch 84600M Carbide Plywood Mortising
Creates cutting diameter to match thickness of 1/4 In. plywood. Produces a tight fit when mortising standard plywood. Balanced cutting with minimal vibration. Micrograin carbide tips provide superior wear resistance and long life.
It can be annoying that plywood is always slightly thinner than its nominal size. You can't use a 1/4" drill bit to attach a piece of 1/4" thick plywood (unless you want it to be really loose), and 15/64" drill bits are less spread. Luckily there are a few and this is one of them. I used it to make cardboard boxes and it worked great. The fit was loose enough for the slightly curved layer to be in place, but tight enough for the glue to fill the gap.