Yep, definitely confusing behavior. The reserved word still gets flagged even when double-escaped.
The reason is that Marketo recursively parses content as Velocity. So "disguising" the few VTL reserved words is difficult, maybe impossible (though I'll keep testing it). Eventually, the parser sees a literal.
In future, though I know it can be hard to coordinate this with the web team, avoid using reserved words in your hash: there are only a few ().
Thanks for looking into this, Sanford - I will follow your guidance and have our WebDev team eventually update our website to avoid those terms.
A-ha, URL-encode the "e" to avoid the reparsing error:
Some browsers will display the "%65" as "e" in the location bar, others will keep it as "%65", but the anchor link works either way.