Even though the custodian might not mail you the Form 5498 if you have not made any contributions for the year and instead provides the FMV directly to you only on an account statement, the custodian does file with the IRS a Form 5498 for each of your traditional and Roth IRAs. It will appear in your Wage & Income transcript available from the IRS, but generally not until later in the year, say sometime in Q3.
The instructions for Forms 1099-R and 5498 indicate the filing requirements for Form 5498 and the circumstances where a Form 5498 must be provided to the participant and when only providing the FMV on an account statement is sufficient: https://www.irs.gov/pub/irs-pdf/i1099r.pdf
