Nearly always yes. Non-US pooled investments (mutual funds, most non-US-listed ETFs, many unit trusts and investment-linked insurance funds) meet the passive-income or passive-asset tests, making them Passive Foreign Investment Companies. Each PFIC generally requires its own Form 8621, though a de minimis exception excuses the filing when the aggregate year-end value of all your PFIC holdings is $25,000 or less ($50,000 married filing jointly) and there were no excess distributions that year. Small legacy fund positions often qualify, which can spare hundreds of dollars in per-form preparation fees.
Under the default section 1291 regime, gains and excess distributions (the part of a year's distributions above 125% of the trailing three-year average) are thrown back across your holding period, taxed at the top ordinary rate for each year, plus an interest charge. Elections (QEF, mark-to-market) can soften this but must be made timely. The practical rule for US persons abroad: hold funds through US brokers, not local ones.