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I have the same issue for a few days now. At first it worked, but for 3 or 4 days now i can't see the Shielding Guard effect spawn at any point while playing. Easily reproducible for me, I have the Shard equipped in my Squire Blockade Relic. No shielding effect ever.

You guys are misunderstanding the shard, there is no glitch in it. The shard states "...25% chance to gain a shield for 250% of its Defense Health for 5 seconds..." The shards does not give a shield for 250% of the blockades total health, it is the Defense Health viewable by selecting the blockade in your hero deck. For instance, I specced into my Spike Blockade for my squire, along with having a totem on it. My blockade has 17,000 Defense Health, which makes my blockade have 2.5 million total health on it at base. The shield that it gains is 2.5(Defense Health). So for me 2.5(17,000) = 42,500, so my blockade has a 25% chance to gain a shield for 42,500 health for 5 seconds. Hope this helps. 

I believe they misunderstood the shard. I did some testing with what he said and see no issue whatsoever. Please read my comment on his post. 

https://t.co/QffsGxGprE

— Tsukiyomi Fujiwara (@TsukiyomiZero) August 19, 2017

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Running into the bug the OP mentioned, at least on my Viper's Fangs.
Xbox One, C3, 19-Streak.

Update:
Switching Totems with the Obelisk show that works, and then removing and requipping the glitched shard has caused my Shielding Guard to function again on my Viper Fangs.