The letter Y at the end of a word has four possible vowel sounds. These are long I, Long E, Long A and the OY sound.
A long I sound is found in one-syllable words with a lone-vowel letter Y at the end of the word. For example: cry, fry, my, pry, shy, sky.... A -UY ending is uncommon, but makes a long I sound as in buy and guy, unless it is a -QUY ending. The -QUY combination, as in soliloquy, is rare, but it makes a KW-long E sound. In words with no other vowel a final Y will usually be pronounced with a long I sound.
A long E sound is found in two-syllable words, with a lone vowel Y at the end of the word. For example: baby, belly, hungry, funny, candy, bunny and city.1 These words all have another vowel, earlier in the word and not next to the letter Y. In such words, a final vowel letter Y will usually be pronounced with a long E sound.
A long A or E sound is used when Y at the end of a word is preceded by A or E. Words ending with -AY have a long A sound; this includes play, clay, say and may. When a word ends with -EY it usually makes a long E sound as in key, honey, parsley or barley. The pattern is not perfect. In some words an -EY ending can make a long A sound as in they, survey, whey, prey, grey and parley.
It is a continuing annoyance to students of English that letters in English represent more than one sound. An -OY ending makes the OI/OY sound(link.mingpao.com/53633.htm). Please note that an –IY ending is not normally found in English. The letter Y at the end of a word produces a series of different sounds. However the sound usually falls into predictable patterns.