IPA: /ˈmɪlˌpɒnd/
KK: /mɪlˌpɑnd/
A small body of water that is created by blocking a stream with a dam, often used to provide water power for a mill.
The old millpond was a peaceful spot where families would go to fish and relax.
Millpond → It is formed from "mill" (from Old English *mylen*, meaning a place for grinding grain) and "pond" (from Old English *pund*, meaning a small body of water). A millpond is a body of water created to supply water to a mill, typically for grinding grain.
Think of a 'place for grinding grain' ('mill') that is next to a 'small body of water' ('pond') — that's how a millpond is formed.
No commonly confused words.