I have a U.S. brokerage investment account with some foreign investments that earned dividends and paid foreign taxes reported on 1099-DIV. Do I need to file Form 8938?

I went through the TurboTax Deluxe process to generate that 1116 forms based on the information from the 1099-DIV and the supplemental information from the brokerage firm. However, it is not clear to me whether or not I also need to file Form 8938 for reporting foreign financial assets for these investments held in a U.S. brokerage account. The investments are ETFs and Mutual Funds, and the total Foreign Source Income from them is under $500.