Get a compression bit. I cut 3/4" red oak plywood constantly. I started out using upcut and downcut bits, but also found they caused fraying on either the top or bottom. Other people here commented about the quality of the surface (spoilboard) directly below your material. They’re right. The smoother/flatter it is the better since, as someone said, plywood, 1/2" for sure, tends to bow. However, I let my spoilboard get fairly chewed up before replacing it, but with a compression bit I have little to no problems with fraying. In my experience, the only time compression bits cause fraying is when they start to dull. It’s gradual, but helps me know when it’s time to buy a new bit.
Compression bits are a bit more money, but well worth it. And don’t be enticed by some of the cheapo bits you may find out there. Buy the better stuff. I use Whiteside and am happy with their products for the money.