I see no reason that it would not be. It is the value of the IRA, not dependent on any securities held within it. See 8606 instructions, page 1 Traditional IRAs For purposes of Form 8606, a traditional IRA is an individual retirement account or an individual retirement annuity other than a SEP, SIMPLE, or Roth IRA.
https://www.irs.gov/pub/irs-pdf/i8606.pdf
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
