The first parameter for the JQL function dynamicString is the string's format. Use placeholders as you are used from Java's String.format method.
The following parameters are inserted into the first format string - there is no limit.
You are able to create a special date format if you prefix on of the parameters with a df: string.
The JQL query: project = "Test Project" AND component = dynamicString("Products-%s-%s", "df:MMMMM","df:yyyy")
The JQL query: project = "Test Project" AND fixVersion = dynamicString("CW-%s", "df:w")