On a finite momentum grid with N integration points p n and weights wn (n = 1, ..., N) the Similarity Renormalization Group (SRG) with a given generator G unitarily evolves an initial interaction with a cutoff λ on energy differences, steadily driving the starting Hamiltonian in momentum space Hn,m0=pn2δn,m+Vn,m to a diagonal form in the infrared limit (λ→0), Hn,mG,λ→0=Eπ(n)δn,m, where π(n) is a permutation of the eigenvalues E n which depends on G. Levinson's theorem establishes a relation between phase-shifts δ(p n) and the number of bound-states, n B, and reads δ(p1) - δ(p N) = n Bπ. We show that unitarily equivalent Hamiltonians on the grid generate reaction matrices which are compatible with Levinson's theorem but are phase-inequivalent along the SRG trajectory. An isospectral definition of the phase-shift in terms of an energy-shift is possible but requires in addition a proper ordering of states on a momentum grid such as to fulfill Levinson's theorem. 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