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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 05-03-2026 10:29:18 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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   <import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>   
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   <import namespace="http://xbrl.sec.gov/oef-sr/2025" schemaLocation="https://xbrl.sec.gov/oef/2025/oef-sr-2025.xsd"/>
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			 <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="InvestmentTypeCategorizationMember"/>
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					<link:loc xlink:type="locator" xlink:href="#ftvit_PutOptionsWrittenMember" xlink:label="PutOptionsWrittenMember"/>
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_OtherCategory1Domain" xlink:label="OtherCategory1Domain"/>
			
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					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="FirstTrustMidCapGrowthAlphaDEXFundMember" order="19.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustLargeCapCoreAlphaDEXFundMember" xlink:label="FirstTrustLargeCapCoreAlphaDEXFundMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="FirstTrustLargeCapCoreAlphaDEXFundMember" order="20.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustLargeCapGrowthAlphaDEXFundMember" xlink:label="FirstTrustLargeCapGrowthAlphaDEXFundMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="FirstTrustLargeCapGrowthAlphaDEXFundMember" order="21.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_CognizantTechnologySolutionsCorpClassAMember" xlink:label="CognizantTechnologySolutionsCorpClassAMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="CognizantTechnologySolutionsCorpClassAMember" order="22.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_ExpeditorsInternationalOfWashingtonIncMember" xlink:label="ExpeditorsInternationalOfWashingtonIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="ExpeditorsInternationalOfWashingtonIncMember" order="23.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_CumminsIncMember" xlink:label="CumminsIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="CumminsIncMember" order="24.0" />
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					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="DoverCorpMember" order="25.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_RossStoresIncMember" xlink:label="RossStoresIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="RossStoresIncMember" order="26.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_CiscoSystemsIncMember" xlink:label="CiscoSystemsIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="CiscoSystemsIncMember" order="27.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_MonsterBeverageCorpMember" xlink:label="MonsterBeverageCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="MonsterBeverageCorpMember" order="28.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_MoodySCorpMember" xlink:label="MoodySCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="MoodySCorpMember" order="29.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_JohnsonAndJohnsonMember" xlink:label="JohnsonAndJohnsonMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="JohnsonAndJohnsonMember" order="30.0" />
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					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="GSKPLCMember" order="32.0" />
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					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="AllianzSEMember" order="33.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_ITOCHUCorpMember" xlink:label="ITOCHUCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="ITOCHUCorpMember" order="34.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_RocheHoldingAGMember" xlink:label="RocheHoldingAGMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="RocheHoldingAGMember" order="35.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_PrudentialPLCMember" xlink:label="PrudentialPLCMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="PrudentialPLCMember" order="36.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_RoyalBankOfCanadaMember" xlink:label="RoyalBankOfCanadaMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="RoyalBankOfCanadaMember" order="37.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_IndustriaDeDisenoTextilSAMember" xlink:label="IndustriaDeDisenoTextilSAMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="IndustriaDeDisenoTextilSAMember" order="38.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_TorontoDominionBankTheMember" xlink:label="TorontoDominionBankTheMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="TorontoDominionBankTheMember" order="39.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_RioTintoPLCMember" xlink:label="RioTintoPLCMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="RioTintoPLCMember" order="40.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_GreatWestLifecoIncMember" xlink:label="GreatWestLifecoIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="GreatWestLifecoIncMember" order="41.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_EliLillyAndCoMember" xlink:label="EliLillyAndCoMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="EliLillyAndCoMember" order="42.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_ApolloGlobalManagementIncMember" xlink:label="ApolloGlobalManagementIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="ApolloGlobalManagementIncMember" order="43.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_SchlumbergerNVMember" xlink:label="SchlumbergerNVMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="SchlumbergerNVMember" order="44.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_IncyteCorpMember" xlink:label="IncyteCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="IncyteCorpMember" order="45.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_UnitedTherapeuticsCorpMember" xlink:label="UnitedTherapeuticsCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="UnitedTherapeuticsCorpMember" order="46.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_AppLovinCorpClassAMember" xlink:label="AppLovinCorpClassAMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="AppLovinCorpClassAMember" order="47.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_NewmontCorpMember" xlink:label="NewmontCorpMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="NewmontCorpMember" order="48.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_CaterpillarIncMember" xlink:label="CaterpillarIncMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LargestHoldingsDomain" xlink:to="CaterpillarIncMember" order="49.0" />

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			 <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_GeographicRegionDomain" xlink:label="GeographicRegionDomain"/>
			 
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_IndustrySectorDomain" xlink:label="IndustrySectorDomain"/>	
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					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="AllOtherMember" order="2.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_UtilitiesSectorMember" xlink:label="UtilitiesSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="UtilitiesSectorMember" order="3.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_InformationTechnologySectorMember" xlink:label="InformationTechnologySectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="InformationTechnologySectorMember" order="4.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_IndustrialSectorMember" xlink:label="IndustrialSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="IndustrialSectorMember" order="5.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_ConsumerStaplesSectorMember" xlink:label="ConsumerStaplesSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="ConsumerStaplesSectorMember" order="6.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_ConsumerDiscretionarySectorMember" xlink:label="ConsumerDiscretionarySectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="ConsumerDiscretionarySectorMember" order="7.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_CommunicationsSectorMember" xlink:label="CommunicationsSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="CommunicationsSectorMember" order="8.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_HealthcareSectorMember" xlink:label="HealthcareSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="HealthcareSectorMember" order="9.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancialServicesSectorMember" xlink:label="FinancialServicesSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="FinancialServicesSectorMember" order="10.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EnergySectorMember" xlink:label="EnergySectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="EnergySectorMember" order="11.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ExchangeTradedFundsMember" xlink:label="ExchangeTradedFundsMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="ExchangeTradedFundsMember" order="12.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RealEstateSectorMember" xlink:label="RealEstateSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="RealEstateSectorMember" order="13.0" />
					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_MaterialsSectorMember" xlink:label="MaterialsSectorMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IndustrySectorDomain" xlink:to="MaterialsSectorMember" order="14.0" />

			<!--CreditQualityDomain Only presentation and label linkbases-->	
			<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_CreditQualityDomain" xlink:label="CreditQualityDomain"/>	
			
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_ExternalCreditRatingFitchMember" xlink:label="ExternalCreditRatingFitchMember"/>
			<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditQualityDomain" xlink:to="ExternalCreditRatingFitchMember" xbrldt:usable="false" order="1.0"/>
			
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_ExternalCreditRatingMoodysMember" xlink:label="ExternalCreditRatingMoodysMember"/>
			<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditQualityDomain" xlink:to="ExternalCreditRatingMoodysMember" xbrldt:usable="false" order="2.1"/>
			
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_ExternalCreditRatingStandardPoorsMember" xlink:label="ExternalCreditRatingStandardPoorsMember"/>
			<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditQualityDomain" xlink:to="ExternalCreditRatingStandardPoorsMember" xbrldt:usable="false" order="3.1"/>
			
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			<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_CreditRatingAMBestDomain" xlink:label="CreditRatingAMBestDomain"/>
			<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditQualityDomain" xlink:to="CreditRatingAMBestDomain" xbrldt:usable="false" order="4.1"/>
            			
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            <link:presentationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/ShareholderReportLineGraphDetails">            
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					<link:loc xlink:type="locator" xlink:href="#ftvit_C000138651Member" xlink:label="C000138651Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000138651Member" order="3.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_C000160832Member" xlink:label="C000160832Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000160832Member" order="4.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_C000218786Member" xlink:label="C000218786Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000218786Member" order="5.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_C000218789Member" xlink:label="C000218789Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000218789Member" order="6.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_C000241974Member" xlink:label="C000241974Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000241974Member" order="7.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_C000241976Member" xlink:label="C000241976Member"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareClassDomain" xlink:to="C000241976Member" order="8.0" />

			  <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_AdditionalIndexDomain" xlink:label="AdditionalIndexDomain"/>
			  <link:loc xlink:type="locator" xlink:href="#ftvit_BlendedBenchmarkMember" xlink:label="BlendedBenchmarkMember"/>
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					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesUSTotalStockMarketIndexSMMember" xlink:label="DowJonesUSTotalStockMarketIndexSMMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalIndexDomain" xlink:to="DowJonesUSTotalStockMarketIndexSMMember" order="3.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" xlink:label="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalIndexDomain" xlink:to="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" order="4.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_SecondaryBlendedBenchmarkMember" xlink:label="SecondaryBlendedBenchmarkMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalIndexDomain" xlink:to="SecondaryBlendedBenchmarkMember" order="5.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_BloombergUSCorporateInvestmentGradeIndexMember" xlink:label="BloombergUSCorporateInvestmentGradeIndexMember"/>
					<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalIndexDomain" xlink:to="BloombergUSCorporateInvestmentGradeIndexMember" order="6.0" />
					<link:loc xlink:type="locator" xlink:href="#ftvit_BroadBlendedBenchmarkMember" xlink:label="BroadBlendedBenchmarkMember"/>
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					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="RossStoresIncMember" order="25.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CiscoSystemsIncMember" xlink:label="CiscoSystemsIncMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="CiscoSystemsIncMember" order="26.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_MonsterBeverageCorpMember" xlink:label="MonsterBeverageCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="MonsterBeverageCorpMember" order="27.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_MoodySCorpMember" xlink:label="MoodySCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="MoodySCorpMember" order="28.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_JohnsonAndJohnsonMember" xlink:label="JohnsonAndJohnsonMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="JohnsonAndJohnsonMember" order="29.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_TJXTheCosIncMember" xlink:label="TJXTheCosIncMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="TJXTheCosIncMember" order="30.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_GSKPLCMember" xlink:label="GSKPLCMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="GSKPLCMember" order="31.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AllianzSEMember" xlink:label="AllianzSEMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="AllianzSEMember" order="32.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_ITOCHUCorpMember" xlink:label="ITOCHUCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="ITOCHUCorpMember" order="33.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_RocheHoldingAGMember" xlink:label="RocheHoldingAGMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="RocheHoldingAGMember" order="34.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_PrudentialPLCMember" xlink:label="PrudentialPLCMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="PrudentialPLCMember" order="35.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_RoyalBankOfCanadaMember" xlink:label="RoyalBankOfCanadaMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="RoyalBankOfCanadaMember" order="36.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_IndustriaDeDisenoTextilSAMember" xlink:label="IndustriaDeDisenoTextilSAMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="IndustriaDeDisenoTextilSAMember" order="37.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_TorontoDominionBankTheMember" xlink:label="TorontoDominionBankTheMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="TorontoDominionBankTheMember" order="38.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_RioTintoPLCMember" xlink:label="RioTintoPLCMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="RioTintoPLCMember" order="39.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_GreatWestLifecoIncMember" xlink:label="GreatWestLifecoIncMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="GreatWestLifecoIncMember" order="40.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_EliLillyAndCoMember" xlink:label="EliLillyAndCoMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="EliLillyAndCoMember" order="41.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_ApolloGlobalManagementIncMember" xlink:label="ApolloGlobalManagementIncMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="ApolloGlobalManagementIncMember" order="42.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_SchlumbergerNVMember" xlink:label="SchlumbergerNVMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="SchlumbergerNVMember" order="43.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_IncyteCorpMember" xlink:label="IncyteCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="IncyteCorpMember" order="44.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_UnitedTherapeuticsCorpMember" xlink:label="UnitedTherapeuticsCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="UnitedTherapeuticsCorpMember" order="45.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AppLovinCorpClassAMember" xlink:label="AppLovinCorpClassAMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="AppLovinCorpClassAMember" order="46.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_NewmontCorpMember" xlink:label="NewmontCorpMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="NewmontCorpMember" order="47.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CaterpillarIncMember" xlink:label="CaterpillarIncMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LargestHoldingsDomain" xlink:to="CaterpillarIncMember" order="48.0"/>

            </link:definitionLink>
			<link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/SalesLoadOnly">
				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_WithSalesLoadMember" xlink:label="WithSalesLoadMember"/>
				 				
			</link:definitionLink>
            <link:definitionLink xlink:type="extended" xlink:role="http://fasb.org/us-gaap/role/eedm/ExtensibleEnumerationLists">               
			   <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="InvestmentTypeCategorizationMember"/>
			   <link:loc xlink:type="locator" xlink:href="#ftvit_NetOtherAssetsAndLiabilitiesMember" xlink:label="NetOtherAssetsAndLiabilitiesMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="NetOtherAssetsAndLiabilitiesMember" order="1.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_USGovernmentBondsAndNotesMember" xlink:label="USGovernmentBondsAndNotesMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="USGovernmentBondsAndNotesMember" order="2.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_ForeignCorporateBondsAndNotesMember" xlink:label="ForeignCorporateBondsAndNotesMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="ForeignCorporateBondsAndNotesMember" order="3.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CorporateBondsAndNotesMember" xlink:label="CorporateBondsAndNotesMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="CorporateBondsAndNotesMember" order="4.0"/>
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MoneyMarketFundsMember" xlink:label="MoneyMarketFundsMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="MoneyMarketFundsMember" order="5.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_PutOptionsWrittenMember" xlink:label="PutOptionsWrittenMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="PutOptionsWrittenMember" order="6.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CallOptionsWrittenMember" xlink:label="CallOptionsWrittenMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="CallOptionsWrittenMember" order="7.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_PutOptionsPurchasedMember" xlink:label="PutOptionsPurchasedMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="PutOptionsPurchasedMember" order="8.0"/>

            </link:definitionLink>
            <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/BroadBasedIndexOnly">               
			   <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_BroadBasedIndexDomain" xlink:label="BroadBasedIndexDomain"/>
			   <link:loc xlink:type="locator" xlink:href="#ftvit_Russell3000IndexMember" xlink:label="Russell3000IndexMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BroadBasedIndexDomain" xlink:to="Russell3000IndexMember" order="1.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_BloombergUSAggregateBondIndexMember" xlink:label="BloombergUSAggregateBondIndexMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BroadBasedIndexDomain" xlink:to="BloombergUSAggregateBondIndexMember" order="2.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_Russell3000C000138651IndexMember" xlink:label="Russell3000C000138651IndexMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BroadBasedIndexDomain" xlink:to="Russell3000C000138651IndexMember" order="3.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_MSCIWorldExUSAIndexMember" xlink:label="MSCIWorldExUSAIndexMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BroadBasedIndexDomain" xlink:to="MSCIWorldExUSAIndexMember" order="4.0"/>

            </link:definitionLink>
            <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/AdditionalIndexOnly">              
			   <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_AdditionalIndexDomain" xlink:label="AdditionalIndexDomain"/>
			   <link:loc xlink:type="locator" xlink:href="#ftvit_BlendedBenchmarkMember" xlink:label="BlendedBenchmarkMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="BlendedBenchmarkMember" order="1.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesUSTotalStockMarketIndexSMMember" xlink:label="DowJonesUSTotalStockMarketIndexSMMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="DowJonesUSTotalStockMarketIndexSMMember" order="2.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" xlink:label="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" order="3.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_SecondaryBlendedBenchmarkMember" xlink:label="SecondaryBlendedBenchmarkMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="SecondaryBlendedBenchmarkMember" order="4.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_BloombergUSCorporateInvestmentGradeIndexMember" xlink:label="BloombergUSCorporateInvestmentGradeIndexMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="BloombergUSCorporateInvestmentGradeIndexMember" order="5.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_BroadBlendedBenchmarkMember" xlink:label="BroadBlendedBenchmarkMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="BroadBlendedBenchmarkMember" order="6.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AssetClassBlendedBenchmarkMember" xlink:label="AssetClassBlendedBenchmarkMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="AssetClassBlendedBenchmarkMember" order="7.0"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_BroadBlendedBenchmarkC000160832Member" xlink:label="BroadBlendedBenchmarkC000160832Member"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AdditionalIndexDomain" xlink:to="BroadBlendedBenchmarkC000160832Member" order="8.0"/>

            </link:definitionLink>
			<link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/MaturityOnly">
			<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_MaturityDomain" xlink:label="MaturityDomain"/>
			
			</link:definitionLink>
            <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/IndustrySectorOnly">
                <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_IndustrySectorDomain" xlink:label="IndustrySectorDomain"/>
                <link:loc xlink:type="locator" xlink:href="#ftvit_AllOtherMember" xlink:label="AllOtherMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IndustrySectorDomain" xlink:to="AllOtherMember" order="1.0"/>
					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ExchangeTradedFundsMember" xlink:label="ExchangeTradedFundsMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IndustrySectorDomain" xlink:to="ExchangeTradedFundsMember" order="2.0"/>

            </link:definitionLink>
            <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/CreditQualityOnly">
                <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_CreditQualityDomain" xlink:label="CreditQualityDomain"/>
                
            </link:definitionLink>
            <!--GeographicRegionOnly use only for STPR-->
            <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/GeographicRegionOnly">
            <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_GeographicRegionDomain" xlink:label="GeographicRegionDomain"/>
            
            </link:definitionLink>
            <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">               
               <link:loc xlink:type="locator" xlink:href="#ftvit_AllOtherMember" xlink:label="AllOtherMember"/>
					<link:label xlink:type="resource" xlink:label="label_AllOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">All Other [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherMember" xlink:to="label_AllOtherMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_NetOtherAssetsAndLiabilitiesMember" xlink:label="NetOtherAssetsAndLiabilitiesMember"/>
					<link:label xlink:type="resource" xlink:label="label_NetOtherAssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Other Assets and Liabilities [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetOtherAssetsAndLiabilitiesMember" xlink:to="label_NetOtherAssetsAndLiabilitiesMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_USGovernmentBondsAndNotesMember" xlink:label="USGovernmentBondsAndNotesMember"/>
					<link:label xlink:type="resource" xlink:label="label_USGovernmentBondsAndNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">U S Government Bonds and Notes [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USGovernmentBondsAndNotesMember" xlink:to="label_USGovernmentBondsAndNotesMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ForeignCorporateBondsAndNotesMember" xlink:label="ForeignCorporateBondsAndNotesMember"/>
					<link:label xlink:type="resource" xlink:label="label_ForeignCorporateBondsAndNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Foreign Corporate Bonds and Notes [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCorporateBondsAndNotesMember" xlink:to="label_ForeignCorporateBondsAndNotesMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CorporateBondsAndNotesMember" xlink:label="CorporateBondsAndNotesMember"/>
					<link:label xlink:type="resource" xlink:label="label_CorporateBondsAndNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Corporate Bonds and Notes [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateBondsAndNotesMember" xlink:to="label_CorporateBondsAndNotesMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_BlendedBenchmarkMember" xlink:label="BlendedBenchmarkMember"/>
					<link:label xlink:type="resource" xlink:label="label_BlendedBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Blended Benchmark [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BlendedBenchmarkMember" xlink:to="label_BlendedBenchmarkMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_Russell3000IndexMember" xlink:label="Russell3000IndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_Russell3000IndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Russell 3000 Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Russell3000IndexMember" xlink:to="label_Russell3000IndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesUSTotalStockMarketIndexSMMember" xlink:label="DowJonesUSTotalStockMarketIndexSMMember"/>
					<link:label xlink:type="resource" xlink:label="label_DowJonesUSTotalStockMarketIndexSMMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Dow Jones U S Total Stock Market IndexSM [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DowJonesUSTotalStockMarketIndexSMMember" xlink:to="label_DowJonesUSTotalStockMarketIndexSMMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" xlink:label="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember"/>
					<link:label xlink:type="resource" xlink:label="label_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Dow Jones Equal Weight U S Issued Corporate Bond IndexSM [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" xlink:to="label_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_SecondaryBlendedBenchmarkMember" xlink:label="SecondaryBlendedBenchmarkMember"/>
					<link:label xlink:type="resource" xlink:label="label_SecondaryBlendedBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Secondary Blended Benchmark [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondaryBlendedBenchmarkMember" xlink:to="label_SecondaryBlendedBenchmarkMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_BloombergUSCorporateInvestmentGradeIndexMember" xlink:label="BloombergUSCorporateInvestmentGradeIndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_BloombergUSCorporateInvestmentGradeIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Bloomberg U S Corporate Investment Grade Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloombergUSCorporateInvestmentGradeIndexMember" xlink:to="label_BloombergUSCorporateInvestmentGradeIndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000111397Member" xlink:label="C000111397Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000111397Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000111397 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000111397Member" xlink:to="label_C000111397Member"/>

										<link:label xlink:type="resource" xlink:label="label_C000111397Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Class I</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000111397Member" xlink:to="label_C000111397Member_2"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_HealthcareSectorMember" xlink:label="HealthcareSectorMember"/>
					<link:label xlink:type="resource" xlink:label="label_HealthcareSectorMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Healthcare Sector [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HealthcareSectorMember" xlink:to="label_HealthcareSectorMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancialServicesSectorMember" xlink:label="FinancialServicesSectorMember"/>
					<link:label xlink:type="resource" xlink:label="label_FinancialServicesSectorMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Financial Services Sector [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialServicesSectorMember" xlink:to="label_FinancialServicesSectorMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EnergySectorMember" xlink:label="EnergySectorMember"/>
					<link:label xlink:type="resource" xlink:label="label_EnergySectorMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Energy Sector [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnergySectorMember" xlink:to="label_EnergySectorMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember"/>
					<link:label xlink:type="resource" xlink:label="label_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Stock [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockMember" xlink:to="label_CommonStockMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MoneyMarketFundsMember" xlink:label="MoneyMarketFundsMember"/>
					<link:label xlink:type="resource" xlink:label="label_MoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Money Market Funds [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoneyMarketFundsMember" xlink:to="label_MoneyMarketFundsMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ExchangeTradedFundsMember" xlink:label="ExchangeTradedFundsMember"/>
					<link:label xlink:type="resource" xlink:label="label_ExchangeTradedFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Exchange Traded Funds [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeTradedFundsMember" xlink:to="label_ExchangeTradedFundsMember"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RealEstateSectorMember" xlink:label="RealEstateSectorMember"/>
					<link:label xlink:type="resource" xlink:label="label_RealEstateSectorMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Real Estate Sector [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateSectorMember" xlink:to="label_RealEstateSectorMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000138651Member" xlink:label="C000138651Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000138651Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000138651 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000138651Member" xlink:to="label_C000138651Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_BroadBlendedBenchmarkMember" xlink:label="BroadBlendedBenchmarkMember"/>
					<link:label xlink:type="resource" xlink:label="label_BroadBlendedBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Broad Blended Benchmark [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BroadBlendedBenchmarkMember" xlink:to="label_BroadBlendedBenchmarkMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_AssetClassBlendedBenchmarkMember" xlink:label="AssetClassBlendedBenchmarkMember"/>
					<link:label xlink:type="resource" xlink:label="label_AssetClassBlendedBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Asset Class Blended Benchmark [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetClassBlendedBenchmarkMember" xlink:to="label_AssetClassBlendedBenchmarkMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_BloombergUSAggregateBondIndexMember" xlink:label="BloombergUSAggregateBondIndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_BloombergUSAggregateBondIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Bloomberg U S Aggregate Bond Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloombergUSAggregateBondIndexMember" xlink:to="label_BloombergUSAggregateBondIndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_Russell3000C000138651IndexMember" xlink:label="Russell3000C000138651IndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_Russell3000C000138651IndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Russell 3000 C000138651 Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Russell3000C000138651IndexMember" xlink:to="label_Russell3000C000138651IndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustSeniorLoanETFMember" xlink:label="FirstTrustSeniorLoanETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustSeniorLoanETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Senior Loan ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustSeniorLoanETFMember" xlink:to="label_FirstTrustSeniorLoanETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustPreferredSecuritiesAndIncomeETFMember" xlink:label="FirstTrustPreferredSecuritiesAndIncomeETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustPreferredSecuritiesAndIncomeETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Preferred Securities and Income ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustPreferredSecuritiesAndIncomeETFMember" xlink:to="label_FirstTrustPreferredSecuritiesAndIncomeETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustTacticalHighYieldETFMember" xlink:label="FirstTrustTacticalHighYieldETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustTacticalHighYieldETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Tactical High Yield ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustTacticalHighYieldETFMember" xlink:to="label_FirstTrustTacticalHighYieldETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ISharesIBoxxInvestmentGradeCorporateBondETFMember" xlink:label="ISharesIBoxxInvestmentGradeCorporateBondETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesIBoxxInvestmentGradeCorporateBondETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares iBoxx Investment Grade Corporate Bond ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISharesIBoxxInvestmentGradeCorporateBondETFMember" xlink:to="label_ISharesIBoxxInvestmentGradeCorporateBondETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustIntermediateGovernmentOpportunitiesETFMember" xlink:label="FirstTrustIntermediateGovernmentOpportunitiesETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustIntermediateGovernmentOpportunitiesETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Intermediate Government Opportunities ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustIntermediateGovernmentOpportunitiesETFMember" xlink:to="label_FirstTrustIntermediateGovernmentOpportunitiesETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_IShares710YearTreasuryBondETFMember" xlink:label="IShares710YearTreasuryBondETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_IShares710YearTreasuryBondETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares 7 10 Year Treasury Bond ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IShares710YearTreasuryBondETFMember" xlink:to="label_IShares710YearTreasuryBondETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ISharesMBSETFMember" xlink:label="ISharesMBSETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesMBSETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares MBS ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISharesMBSETFMember" xlink:to="label_ISharesMBSETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" xlink:label="FirstTrustLimitedDurationInvestmentGradeCorporateETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Limited Duration Investment Grade Corporate ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" xlink:to="label_FirstTrustLimitedDurationInvestmentGradeCorporateETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member" xlink:label="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member"/>
					<link:label xlink:type="resource" xlink:label="label_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Morgan Stanley Institutional Liquidity Funds Treasury Portfolio Institutional Class 3 64 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member" xlink:to="label_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_EnterpriseProductsPartnersLPMember" xlink:label="EnterpriseProductsPartnersLPMember"/>
					<link:label xlink:type="resource" xlink:label="label_EnterpriseProductsPartnersLPMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Enterprise Products Partners L P [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnterpriseProductsPartnersLPMember" xlink:to="label_EnterpriseProductsPartnersLPMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_StateStreetSPDRBloombergHighYieldBondETFMember" xlink:label="StateStreetSPDRBloombergHighYieldBondETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_StateStreetSPDRBloombergHighYieldBondETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">State Street SPDR Bloomberg High Yield Bond ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StateStreetSPDRBloombergHighYieldBondETFMember" xlink:to="label_StateStreetSPDRBloombergHighYieldBondETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ISharesCoreUSAggregateBondETFMember" xlink:label="ISharesCoreUSAggregateBondETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesCoreUSAggregateBondETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares Core U S Aggregate Bond ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISharesCoreUSAggregateBondETFMember" xlink:to="label_ISharesCoreUSAggregateBondETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustNasdaqSemiconductorETFMember" xlink:label="FirstTrustNasdaqSemiconductorETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustNasdaqSemiconductorETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Nasdaq Semiconductor ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustNasdaqSemiconductorETFMember" xlink:to="label_FirstTrustNasdaqSemiconductorETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustFinancialsAlphaDEXFundMember" xlink:label="FirstTrustFinancialsAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustFinancialsAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Financials AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustFinancialsAlphaDEXFundMember" xlink:to="label_FirstTrustFinancialsAlphaDEXFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustUtilitiesAlphaDEXFundMember" xlink:label="FirstTrustUtilitiesAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustUtilitiesAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Utilities AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustUtilitiesAlphaDEXFundMember" xlink:to="label_FirstTrustUtilitiesAlphaDEXFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustIndxxAerospaceAndDefenseETFMember" xlink:label="FirstTrustIndxxAerospaceAndDefenseETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustIndxxAerospaceAndDefenseETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Indxx Aerospace And Defense ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustIndxxAerospaceAndDefenseETFMember" xlink:to="label_FirstTrustIndxxAerospaceAndDefenseETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustDowJonesInternetIndexFundMember" xlink:label="FirstTrustDowJonesInternetIndexFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustDowJonesInternetIndexFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Dow Jones Internet Index Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustDowJonesInternetIndexFundMember" xlink:to="label_FirstTrustDowJonesInternetIndexFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustMidCapGrowthAlphaDEXFundMember" xlink:label="FirstTrustMidCapGrowthAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustMidCapGrowthAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Mid Cap Growth AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustMidCapGrowthAlphaDEXFundMember" xlink:to="label_FirstTrustMidCapGrowthAlphaDEXFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustLargeCapCoreAlphaDEXFundMember" xlink:label="FirstTrustLargeCapCoreAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustLargeCapCoreAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Large Cap Core AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustLargeCapCoreAlphaDEXFundMember" xlink:to="label_FirstTrustLargeCapCoreAlphaDEXFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustLargeCapGrowthAlphaDEXFundMember" xlink:label="FirstTrustLargeCapGrowthAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustLargeCapGrowthAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Large Cap Growth AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustLargeCapGrowthAlphaDEXFundMember" xlink:to="label_FirstTrustLargeCapGrowthAlphaDEXFundMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_BroadBlendedBenchmarkC000160832Member" xlink:label="BroadBlendedBenchmarkC000160832Member"/>
					<link:label xlink:type="resource" xlink:label="label_BroadBlendedBenchmarkC000160832Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Broad Blended Benchmark C000160832 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BroadBlendedBenchmarkC000160832Member" xlink:to="label_BroadBlendedBenchmarkC000160832Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000160832Member" xlink:label="C000160832Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000160832Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000160832 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000160832Member" xlink:to="label_C000160832Member"/>

					<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StandardPoors500IndexMember" xlink:label="StandardPoors500IndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_StandardPoors500IndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Standard &amp; Poor&apos;s 500 Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StandardPoors500IndexMember" xlink:to="label_StandardPoors500IndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000218786Member" xlink:label="C000218786Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000218786Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000218786 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000218786Member" xlink:to="label_C000218786Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CognizantTechnologySolutionsCorpClassAMember" xlink:label="CognizantTechnologySolutionsCorpClassAMember"/>
					<link:label xlink:type="resource" xlink:label="label_CognizantTechnologySolutionsCorpClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cognizant Technology Solutions Corp Class A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CognizantTechnologySolutionsCorpClassAMember" xlink:to="label_CognizantTechnologySolutionsCorpClassAMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ExpeditorsInternationalOfWashingtonIncMember" xlink:label="ExpeditorsInternationalOfWashingtonIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_ExpeditorsInternationalOfWashingtonIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Expeditors International of Washington Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpeditorsInternationalOfWashingtonIncMember" xlink:to="label_ExpeditorsInternationalOfWashingtonIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CumminsIncMember" xlink:label="CumminsIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_CumminsIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cummins Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumminsIncMember" xlink:to="label_CumminsIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_DoverCorpMember" xlink:label="DoverCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_DoverCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Dover Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DoverCorpMember" xlink:to="label_DoverCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_RossStoresIncMember" xlink:label="RossStoresIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_RossStoresIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Ross Stores Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RossStoresIncMember" xlink:to="label_RossStoresIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CiscoSystemsIncMember" xlink:label="CiscoSystemsIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_CiscoSystemsIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cisco Systems Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiscoSystemsIncMember" xlink:to="label_CiscoSystemsIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_MonsterBeverageCorpMember" xlink:label="MonsterBeverageCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_MonsterBeverageCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Monster Beverage Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonsterBeverageCorpMember" xlink:to="label_MonsterBeverageCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_MoodySCorpMember" xlink:label="MoodySCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_MoodySCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Moody s Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoodySCorpMember" xlink:to="label_MoodySCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_JohnsonAndJohnsonMember" xlink:label="JohnsonAndJohnsonMember"/>
					<link:label xlink:type="resource" xlink:label="label_JohnsonAndJohnsonMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Johnson And Johnson [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JohnsonAndJohnsonMember" xlink:to="label_JohnsonAndJohnsonMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_TJXTheCosIncMember" xlink:label="TJXTheCosIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_TJXTheCosIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">TJX The Cos Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJXTheCosIncMember" xlink:to="label_TJXTheCosIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_GSKPLCMember" xlink:label="GSKPLCMember"/>
					<link:label xlink:type="resource" xlink:label="label_GSKPLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">GSK PLC [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GSKPLCMember" xlink:to="label_GSKPLCMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_AllianzSEMember" xlink:label="AllianzSEMember"/>
					<link:label xlink:type="resource" xlink:label="label_AllianzSEMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Allianz SE [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllianzSEMember" xlink:to="label_AllianzSEMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ITOCHUCorpMember" xlink:label="ITOCHUCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_ITOCHUCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">ITOCHU Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ITOCHUCorpMember" xlink:to="label_ITOCHUCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_RocheHoldingAGMember" xlink:label="RocheHoldingAGMember"/>
					<link:label xlink:type="resource" xlink:label="label_RocheHoldingAGMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Roche Holding AG [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RocheHoldingAGMember" xlink:to="label_RocheHoldingAGMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_PrudentialPLCMember" xlink:label="PrudentialPLCMember"/>
					<link:label xlink:type="resource" xlink:label="label_PrudentialPLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Prudential PLC [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialPLCMember" xlink:to="label_PrudentialPLCMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_RoyalBankOfCanadaMember" xlink:label="RoyalBankOfCanadaMember"/>
					<link:label xlink:type="resource" xlink:label="label_RoyalBankOfCanadaMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Royal Bank of Canada [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RoyalBankOfCanadaMember" xlink:to="label_RoyalBankOfCanadaMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_IndustriaDeDisenoTextilSAMember" xlink:label="IndustriaDeDisenoTextilSAMember"/>
					<link:label xlink:type="resource" xlink:label="label_IndustriaDeDisenoTextilSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Industria de Diseno Textil S A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustriaDeDisenoTextilSAMember" xlink:to="label_IndustriaDeDisenoTextilSAMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_TorontoDominionBankTheMember" xlink:label="TorontoDominionBankTheMember"/>
					<link:label xlink:type="resource" xlink:label="label_TorontoDominionBankTheMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Toronto Dominion Bank The [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TorontoDominionBankTheMember" xlink:to="label_TorontoDominionBankTheMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_RioTintoPLCMember" xlink:label="RioTintoPLCMember"/>
					<link:label xlink:type="resource" xlink:label="label_RioTintoPLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Rio Tinto PLC [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RioTintoPLCMember" xlink:to="label_RioTintoPLCMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_GreatWestLifecoIncMember" xlink:label="GreatWestLifecoIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_GreatWestLifecoIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Great West Lifeco Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GreatWestLifecoIncMember" xlink:to="label_GreatWestLifecoIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_MSCIWorldExUSAIndexMember" xlink:label="MSCIWorldExUSAIndexMember"/>
					<link:label xlink:type="resource" xlink:label="label_MSCIWorldExUSAIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">MSCI World ex USA Index [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MSCIWorldExUSAIndexMember" xlink:to="label_MSCIWorldExUSAIndexMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000218789Member" xlink:label="C000218789Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000218789Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000218789 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000218789Member" xlink:to="label_C000218789Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000241974Member" xlink:label="C000241974Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000241974Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000241974 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000241974Member" xlink:to="label_C000241974Member"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_EliLillyAndCoMember" xlink:label="EliLillyAndCoMember"/>
					<link:label xlink:type="resource" xlink:label="label_EliLillyAndCoMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Eli Lilly And Co [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EliLillyAndCoMember" xlink:to="label_EliLillyAndCoMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_ApolloGlobalManagementIncMember" xlink:label="ApolloGlobalManagementIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_ApolloGlobalManagementIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Apollo Global Management Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApolloGlobalManagementIncMember" xlink:to="label_ApolloGlobalManagementIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_SchlumbergerNVMember" xlink:label="SchlumbergerNVMember"/>
					<link:label xlink:type="resource" xlink:label="label_SchlumbergerNVMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Schlumberger N V [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SchlumbergerNVMember" xlink:to="label_SchlumbergerNVMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_IncyteCorpMember" xlink:label="IncyteCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_IncyteCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Incyte Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncyteCorpMember" xlink:to="label_IncyteCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_UnitedTherapeuticsCorpMember" xlink:label="UnitedTherapeuticsCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_UnitedTherapeuticsCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">United Therapeutics Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitedTherapeuticsCorpMember" xlink:to="label_UnitedTherapeuticsCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_AppLovinCorpClassAMember" xlink:label="AppLovinCorpClassAMember"/>
					<link:label xlink:type="resource" xlink:label="label_AppLovinCorpClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">AppLovin Corp Class A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AppLovinCorpClassAMember" xlink:to="label_AppLovinCorpClassAMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_NewmontCorpMember" xlink:label="NewmontCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_NewmontCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Newmont Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewmontCorpMember" xlink:to="label_NewmontCorpMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CaterpillarIncMember" xlink:label="CaterpillarIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_CaterpillarIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Caterpillar Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaterpillarIncMember" xlink:to="label_CaterpillarIncMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_PutOptionsWrittenMember" xlink:label="PutOptionsWrittenMember"/>
					<link:label xlink:type="resource" xlink:label="label_PutOptionsWrittenMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Put Options Written [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PutOptionsWrittenMember" xlink:to="label_PutOptionsWrittenMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_CallOptionsWrittenMember" xlink:label="CallOptionsWrittenMember"/>
					<link:label xlink:type="resource" xlink:label="label_CallOptionsWrittenMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Call Options Written [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CallOptionsWrittenMember" xlink:to="label_CallOptionsWrittenMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_PutOptionsPurchasedMember" xlink:label="PutOptionsPurchasedMember"/>
					<link:label xlink:type="resource" xlink:label="label_PutOptionsPurchasedMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Put Options Purchased [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PutOptionsPurchasedMember" xlink:to="label_PutOptionsPurchasedMember"/>

					<link:loc xlink:type="locator" xlink:href="#ftvit_C000241976Member" xlink:label="C000241976Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000241976Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000241976 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000241976Member" xlink:to="label_C000241976Member"/>

					
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTypeAxis" xlink:label="InvestmentTypeAxis"/>
                <link:label xlink:type="resource" xlink:label="label_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment Type [Axis]</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTypeAxis" xlink:to="label_InvestmentTypeAxis" priority="1"/>
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AssetsNet" xlink:label="AssetsNet"/>
                <link:label xlink:type="resource" xlink:label="label_AssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Assets</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNet" xlink:to="label_AssetsNet" priority="1"/>
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyPortfolioTurnover" xlink:label="InvestmentCompanyPortfolioTurnover"/>
                <link:label xlink:type="resource" xlink:label="label_InvestmentCompanyPortfolioTurnover" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment Company Portfolio Turnover</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentCompanyPortfolioTurnover" xlink:to="label_InvestmentCompanyPortfolioTurnover" priority="1"/>                
                <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag"/>
				<link:label xlink:type="resource" xlink:label="label_NoTradingSymbolFlag" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">No Trading Symbol Flag</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="label_NoTradingSymbolFlag" priority="1"/>		
            </link:labelLink>
         </link:linkbase>
      </appinfo>
  </annotation>   
   <element name="AllOtherMember" id="ftvit_AllOtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="NetOtherAssetsAndLiabilitiesMember" id="ftvit_NetOtherAssetsAndLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="USGovernmentBondsAndNotesMember" id="ftvit_USGovernmentBondsAndNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ForeignCorporateBondsAndNotesMember" id="ftvit_ForeignCorporateBondsAndNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CorporateBondsAndNotesMember" id="ftvit_CorporateBondsAndNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BlendedBenchmarkMember" id="ftvit_BlendedBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell3000IndexMember" id="ftvit_Russell3000IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DowJonesUSTotalStockMarketIndexSMMember" id="ftvit_DowJonesUSTotalStockMarketIndexSMMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" id="ftvit_DowJonesEqualWeightUSIssuedCorporateBondIndexSMMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SecondaryBlendedBenchmarkMember" id="ftvit_SecondaryBlendedBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSCorporateInvestmentGradeIndexMember" id="ftvit_BloombergUSCorporateInvestmentGradeIndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000111397Member" id="ftvit_C000111397Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
			<element name="C000138651Member" id="ftvit_C000138651Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BroadBlendedBenchmarkMember" id="ftvit_BroadBlendedBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AssetClassBlendedBenchmarkMember" id="ftvit_AssetClassBlendedBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondIndexMember" id="ftvit_BloombergUSAggregateBondIndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell3000C000138651IndexMember" id="ftvit_Russell3000C000138651IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustSeniorLoanETFMember" id="ftvit_FirstTrustSeniorLoanETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustPreferredSecuritiesAndIncomeETFMember" id="ftvit_FirstTrustPreferredSecuritiesAndIncomeETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustTacticalHighYieldETFMember" id="ftvit_FirstTrustTacticalHighYieldETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesIBoxxInvestmentGradeCorporateBondETFMember" id="ftvit_ISharesIBoxxInvestmentGradeCorporateBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustIntermediateGovernmentOpportunitiesETFMember" id="ftvit_FirstTrustIntermediateGovernmentOpportunitiesETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IShares710YearTreasuryBondETFMember" id="ftvit_IShares710YearTreasuryBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesMBSETFMember" id="ftvit_ISharesMBSETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" id="ftvit_FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member" id="ftvit_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass364Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="EnterpriseProductsPartnersLPMember" id="ftvit_EnterpriseProductsPartnersLPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="StateStreetSPDRBloombergHighYieldBondETFMember" id="ftvit_StateStreetSPDRBloombergHighYieldBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesCoreUSAggregateBondETFMember" id="ftvit_ISharesCoreUSAggregateBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustNasdaqSemiconductorETFMember" id="ftvit_FirstTrustNasdaqSemiconductorETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustFinancialsAlphaDEXFundMember" id="ftvit_FirstTrustFinancialsAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustUtilitiesAlphaDEXFundMember" id="ftvit_FirstTrustUtilitiesAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustIndxxAerospaceAndDefenseETFMember" id="ftvit_FirstTrustIndxxAerospaceAndDefenseETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustDowJonesInternetIndexFundMember" id="ftvit_FirstTrustDowJonesInternetIndexFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustMidCapGrowthAlphaDEXFundMember" id="ftvit_FirstTrustMidCapGrowthAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustLargeCapCoreAlphaDEXFundMember" id="ftvit_FirstTrustLargeCapCoreAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustLargeCapGrowthAlphaDEXFundMember" id="ftvit_FirstTrustLargeCapGrowthAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BroadBlendedBenchmarkC000160832Member" id="ftvit_BroadBlendedBenchmarkC000160832Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000160832Member" id="ftvit_C000160832Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000218786Member" id="ftvit_C000218786Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CognizantTechnologySolutionsCorpClassAMember" id="ftvit_CognizantTechnologySolutionsCorpClassAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ExpeditorsInternationalOfWashingtonIncMember" id="ftvit_ExpeditorsInternationalOfWashingtonIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CumminsIncMember" id="ftvit_CumminsIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DoverCorpMember" id="ftvit_DoverCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RossStoresIncMember" id="ftvit_RossStoresIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CiscoSystemsIncMember" id="ftvit_CiscoSystemsIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MonsterBeverageCorpMember" id="ftvit_MonsterBeverageCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MoodySCorpMember" id="ftvit_MoodySCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="JohnsonAndJohnsonMember" id="ftvit_JohnsonAndJohnsonMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="TJXTheCosIncMember" id="ftvit_TJXTheCosIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GSKPLCMember" id="ftvit_GSKPLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AllianzSEMember" id="ftvit_AllianzSEMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ITOCHUCorpMember" id="ftvit_ITOCHUCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RocheHoldingAGMember" id="ftvit_RocheHoldingAGMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PrudentialPLCMember" id="ftvit_PrudentialPLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RoyalBankOfCanadaMember" id="ftvit_RoyalBankOfCanadaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IndustriaDeDisenoTextilSAMember" id="ftvit_IndustriaDeDisenoTextilSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="TorontoDominionBankTheMember" id="ftvit_TorontoDominionBankTheMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RioTintoPLCMember" id="ftvit_RioTintoPLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GreatWestLifecoIncMember" id="ftvit_GreatWestLifecoIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MSCIWorldExUSAIndexMember" id="ftvit_MSCIWorldExUSAIndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000218789Member" id="ftvit_C000218789Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000241974Member" id="ftvit_C000241974Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="EliLillyAndCoMember" id="ftvit_EliLillyAndCoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ApolloGlobalManagementIncMember" id="ftvit_ApolloGlobalManagementIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SchlumbergerNVMember" id="ftvit_SchlumbergerNVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IncyteCorpMember" id="ftvit_IncyteCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="UnitedTherapeuticsCorpMember" id="ftvit_UnitedTherapeuticsCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AppLovinCorpClassAMember" id="ftvit_AppLovinCorpClassAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="NewmontCorpMember" id="ftvit_NewmontCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CaterpillarIncMember" id="ftvit_CaterpillarIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PutOptionsWrittenMember" id="ftvit_PutOptionsWrittenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CallOptionsWrittenMember" id="ftvit_CallOptionsWrittenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PutOptionsPurchasedMember" id="ftvit_PutOptionsPurchasedMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000241976Member" id="ftvit_C000241976Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>

</schema>
