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The gloambound weapon set becomes invisible when sheated. This also includes a shield if I am not mistaken.
But yeah, shields are clipping with basically everything: Weapons/hair/armor. And some shields aren't even touching your hands/arms when you hold them unsheated. Don't think there is anything they can do to fix this though, as there are too many shield styles to mix/match them with everything else. Personally I just ignore the clipping.