I thought that an AV shunt was a mechanism of bypassing capillary beds when you don't need those regions perfused. For example, when you are cold, your glomus body "shunts" blood directs from the arteriole to the vein instead of trickling through the capillaries.
In an AV fistula, I assume its an irregular connection formed from some irregular process connecting an artery and vein together.
It would increase preload in both I think and have the same lessened A-V O2 difference. It also increases resistance because you are converting a parallel circuit into a series circuit.
These are just my guesses/ideas. Not sure if they are right.