PSA: If your general is targeted by most Grasp of Fate/Banishing Light/etc. cards, you can move it to the Command Zone and still get it back when that card leaves the battlefield.

Grasp doesn't say to return an exiled card. That's the point. Grasp just moves the zones temporarily. It's not a second trigger to return it. It's like if Eldrazi Displacer blinks something until end of turn. It's not a second trigger saying to return the card from exile, and Displacer doesn't even still have to be on the field, because that trigger was made when Displacer was activated, not at end of turn. It's not looking for a card in exile, it's looking for just that card in whatever public zone it was moved to. If somehow you replacement effected Eldrazi Displacer's ability to move a creature to graveyard until end of turn, that creature still returns to the battlefield from the graveyard at the end of turn. Because that is what the replacement effect is telling it to do.

[[Marchesa the Black Rose]] functions similarly with something that is only temporarily a creature (e.g. a manland). The delayed trigger to return it to the battlefield is made already. Marchesa doesn't even have to be on the field at end of turn to get the manland back. And the manland comes back despite it not being a creature when it's in the graveyard, because it is only targeted as a card, not based on its location or what it is. Grasp is the same. When it resolves, the trigger to return the cards is created and delayed - like any end of turn trigger - regardless of where those cards are or what those cards have become, as long as they are in public zones.

/r/EDH Thread Parent