The {explode} Modifier splits after a defined delimiter.
Use this mod with e.g. the {assign}-TAG.
{assign var="DEFINED_VAR" value="DEFINED_VALUE"|VAR_TO_EXPLODE}
{assign var="stuff" value=";"|explode:$MENU->getCatchwords()}
<ul>
<li>Item 1:</span> {$stuff[0]}</li>
<li>Item 2:</span> {$stuff[1]}</li>
<li>Item 3: {$stuff[2]}</li>
</ul>