Out of Woodsmith Vol. 31 No. 184. BE maple and walnut. BLO and shellac. The cross was added by request.
Mill the outer frame material with a chamfer to start.
I used setup bars to prepare a small dado stack.
Mill the dado with a sacrificial fence to bury the blade.
Miter the outer frame and assemble around the BE maple inner frame and substrate.
Holds an 8 x 10 photo. Looks like so: