Two vowels that produce one sound. As in “aisle”. The “ai” is two letters but one sound.
Greek:
In Greek, the dipthongs are:
αι as in aisle | αἴρω |
ει as in eight | εἰ |
οι as in oil | οἰκία |
αυ as in sauerkraut | αὐτός |
ου as in soup | οὐδέ |
υι as in suite | υἱός |
ευ, ηυ as in feud | εὐθύς or ηὔξανεν. |
source |
When ι unites with long α, η or ω to form one sound, the ι is written under the other letter instead of after it, and is called iota subscript. Thus ᾳ, ῃ, ῳ. This iota subscript has no effect whatever upon the pronunciation; ᾳ being pronounced like long α, ῃ like η, ῳ like ω. source