Kaito Shizuki — ruling 1

Phased out permanents are treated as though they don't exist. They can't be the target of spells or abilities, their static abilities have no effect on the game, their triggered abilities can't trigger, they can't attack or block, and so on.

Kaito Shizuki — ruling 2

As Kaito Shizuki phases out, Auras attached to him also phase out at the same time. Those Auras will phase in at the same time Kaito does, and they'll phase in still attached to Kaito.

Kaito Shizuki — ruling 3

Permanents phase back in during their controller's untap step, immediately before that player untaps their permanents. Kaito phases back in with the same number of loyalty counters that he phased out with.

Kaito Shizuki — ruling 4

Phasing out doesn't cause permanents to leave or re-enter the battlefield, so no "leaves the battlefield" or "enters the battlefield" abilities will trigger, and Kaito's first ability won't trigger again at the end of a turn in which he phased in.

Kaito Shizuki : règles, fonctionnement et interactions (MTG)

Kaito Shizuki is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

At the beginning of your end step, if Kaito entered this turn, he phases out. +1: Draw a card. Then discard a card unless you attacked this turn. −2: Create a 1/1 blue Ninja creature token with "This token can't be blocked." −7: You get an emblem with "Whenever a creature you control deals combat damage to a player, search your library for a blue or black creature card, put it onto the battlefield, then shuffle."

How it works : Kaito Shizuki

Original English text — Wizards of the Coast / Scryfall

#1February 18, 2022· Wizards of the Coast
Phased out permanents are treated as though they don't exist. They can't be the target of spells or abilities, their static abilities have no effect on the game, their triggered abilities can't trigger, they can't attack or block, and so on.
No other card is named in this ruling.
#2February 18, 2022· Wizards of the Coast
As Kaito Shizuki phases out, Auras attached to him also phase out at the same time. Those Auras will phase in at the same time Kaito does, and they'll phase in still attached to Kaito.
No other card is named in this ruling.
#3February 18, 2022· Wizards of the Coast
Permanents phase back in during their controller's untap step, immediately before that player untaps their permanents. Kaito phases back in with the same number of loyalty counters that he phased out with.
No other card is named in this ruling.
#4February 18, 2022· Wizards of the Coast
Phasing out doesn't cause permanents to leave or re-enter the battlefield, so no "leaves the battlefield" or "enters the battlefield" abilities will trigger, and Kaito's first ability won't trigger again at the end of a turn in which he phased in.
No other card is named in this ruling.