IPA: /ˌʌndərˈweɪ/
KK: /ʌndərˈweɪ/
In progress or currently happening.
The project is already underway and will be completed by next month.
Underway → It is formed from "under" (from Old English "under", meaning beneath or below) and "way" (from Old English "weg", meaning a path or road). The word "underway" means in progress or on the way, particularly in a context of movement or development beneath the surface or in a hidden manner.
Think of something that is 'beneath' ('under') and 'on a path' ('way') — this helps you remember that 'underway' means something is in progress or moving forward.
No commonly confused words.