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AD9952 Phase difference between IOUT and REFCLK

Category: Datasheet/Specs
Product Number: AD9952

When I set REFCLK to x8 with MULTIPLIER and ÷8 with FREQUENCY TUNING WORD, frequencies between REFCLK and IOUT match.
Then, what determine the phase of IOUT?
I'm not asking about a difference of the phases between REFCLK and IOUT, but at first I want to know what causes the difference of phases.
I understand that it doesn't seem to be running just on the SYSTEM CLOCK, which is REFCLK x 8.

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