A saw blade assembly for use with a driver having an oscillatory drive member comprises an elongate sheath and an elongate monolithic blade. The sheath's proximal end is removably mountable on the driver. The sheath has an open interior which receives the blade. The blade's proximal end is pivotably mounted to the sheath's proximal end. The blade's distal cutting end extends out of the sheath's distal end and is transverse to the blade's central longitudinal axis. When cutting bone, the drive member pivots the blade's cutting end back and forth in an arc about a pivot point at the blade's proximal end while the driver holds the sheath stationary to protect surrounding tissues from the motions of the remainder of the blade. The long pivot radius between the proximal pivot point and the distal cutting end contributes to minimizing the angle of engagement of the cutting end to the bone.