We present a detailed study of the fish-tail anomaly in the magnetizat
ion hysteresis curve of a crystal of Pb2Sr2Y1-xCaCu3O8+y. We also pres
ent measurements of field-cooled and zero-field cooled magnetization,
and of time decay in the remanent state. We show that these data suppo
rt the suggestion of Daeumling et al that the fish-tail results from a
microscopic distribution of a second phase and oxygen defects which p
rovide additional pinning at low fields, but develop into normal regio
ns at high fields.