Docs / String
ReplaceList is an AMPscript function in the string category.
ReplaceList(str, replaceWith, find1, [find2, ...])
%%=ReplaceList("one-two_three", " ", "-", "_")=%%
one two three
Output produced by AmpSend's AMPscript engine (validated against Salesforce's own test corpus) - not a hand-written result.
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ReplaceList in the official AMPscript reference - or browse the official index of AMPscript functions for platform behavior and edge cases.