Our usual choice is the 3100 series. Usually the 3100M Two Flute Mortise Compression. Compression bits are up shear on the tip, and down shear up by the collet. They're designed for two sided melamine laminated particle board and MDF, but work great in plywood and other manufactured wood as well. Just an up shear would tear out the top layer as it cut, just like a down shear would tear out the bottom.
Give Vortex a call, they're fairly local to us so we use them a lot. Always get our order overnight. Contact them and tell them what you're making, what you're making it out of, and what you have for machines and they can steer you to the right bit. They even do custom ones.