You gain a +2 bonus to AC against ranged attacks while you wield this shield. Would this offer a bonus to your AC if the ranged attack is from a spell?

Yes, as the wording refers to ranged attacks and not simply ranged weapon attacks.

(Having just picked one up tonight I wanted to make sure of the exact same thing :)

That sounds pretty good.

The best weapon for a tank

>Go from Shield of Missile Attraction to this.
>>Don't remove the curse.
>>>???
>>>>Profit?

@Heff I realize your comment was 3 years ago but just to clarify for other visitors it would only work if the spell has a Ranged Spell Attack Roll associated with the spell not a DC Save spell.
Now realizing this is kind of obvious as DC Save spells do not even interact with AC to begin with... oh well.

"No, I don't think so, because Monks aren't proficient with Shields. And I'm not sure Martial Arts works if you're carrying a shield."

- Eskil

You are right Eskil. After following this up, the new changes are as follows

1. Be a Barbarian (rage already gives resistance to B/P/S from nonmagical sources) CAN equip shields. 

2. Equip Shield of Missile Attraction (cursed so that all ranged attacks are drawn to you instead of targets within 10ft.)

3. Dont remove curse

4. Take Arrow Catching Shield (+2AC regularly, +4AC against ranged attacks) [including ranged spell attacks]

5. Any projectiles that get through your new defense are taken at half damage unless they are themselves enchanted (i.e. +1 arrows, not just ammo from a +1 bow) or spells. and even then, a bear totem druid can take half damage from those unless the damage is psychic.

6. Your party can enjoy never having to worry about ranged attacks ever again. 

No, I don't think so, because Monks aren't proficient with Shields. And I'm not sure Martial Arts works if you're carrying a shield.

Yes this perfect for my embo from starwars build he's super effective at blocking ranged blaster bolts with his shield hat

Good catch dude, I edited my post above.

While the deflect missiles ability is not itself directly affected by wearing a shield, almost every other monk ability is severely hampered. Instead I would recommend barbarian for their shield proficiency and rage resistance, or perhaps heavy armor master on either a human cleric, fighter, paladin or other class that gives heavy armor proficiency.

Especially when targeted by multiple ranged attacks a turn i recommend the heavy armor master variant, because Damage reduction stacks up quickly and this is not reliant on you taking damage or making an attack every turn.

Thanks for the advice ; )

No problems! Barbarians are also resistant to magical BSP damage, so a +1 arrow is just as harmless to a raging barbarian! :^)

This shield is hot garbage lmao

+2 to ac only against ranged attacks, and the additional effect burns your reaction and only for those within 5 feet. Oh yes, and it takes up a valuable attunement slot.

+2 shields on the other hand, give +2 ac to all attacks, and doesn't require attunement. Even as the party tank I would choose a +1 shield over this

You get the basic +2 also

Still worse off. 

A +2 shield is the same rarity of this item, except this item's bonus is only for ranged attacks. It's effectively worse off In that regard. 

The main draw is the at will reaction that makes you the target instead of the squishy wizard. Eventually it's good for a paladin or any AC tank that needs a reaction.