Marine grade is spendy, if you have the money and a good supplier, go for it. I used a brand of luan underlayment from Lowe's that I know has been proven on many cheap boat builds. Of course now Lowe's is slapping the label for this good brand on cheap china made garbage so I don't recommend it anymore. (if you can make sure it is superply, or sureply, the real stuff from patriot, it's good enough for me, but more than one person has found the patriot label over some garbage brand label)
In boat building on the cheap it is recommended to cut a small piece of the plywood and boil it for 10 minutes. If it delaminates, it isn't safe for boat building as the glue is not water proof. For trailer building the same test would let you know what is acceptable, however it won't let you know about voids where they cut knots out or didn't quite get the next sheet stuck to the edge of the last one in one layer. Around here Home Depot doesn't sell anything I would use outside the house in thicknesses for boat or TD building

, on the boating sites I'm on may people are finding the independent lumber yards actually have good 1/4, 3/8, and 1/2 plywood, while the big box stores have more and more junk. (thick center ply with two veneer layers to make 1/4" plywood, light colored glue (most likely not waterproof))
Marine Ply will leave no worries about water proof glues or voids, you spend over three times the money per sheet though.