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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 27-08-2026 08:09:34 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_IndustrialSectorMember" xlink:label="IndustrialSectorMember"/>
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					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_ConsumerStaplesSectorMember" xlink:label="ConsumerStaplesSectorMember"/>
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					<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/oef/2025/oef-2025.xsd#oef_ConsumerDiscretionarySectorMember" xlink:label="ConsumerDiscretionarySectorMember"/>
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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_HealthcareSectorMember" xlink:label="HealthcareSectorMember"/>
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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_FinancialServicesSectorMember" xlink:label="FinancialServicesSectorMember"/>
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					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="InvestmentTypeCategorizationMember" xlink:to="ExchangeTradedFundsMember" order="6.0"/>
					<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="7.0"/>
					<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="8.0"/>
					<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="9.0"/>
				</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: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: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_MoneyMarketFundsSectorMember" xlink:label="MoneyMarketFundsSectorMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IndustrySectorDomain" xlink:to="MoneyMarketFundsSectorMember" order="1.0"/>
				</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_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_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_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_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_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_FirstTrustSeniorLoanFundMember" xlink:label="FirstTrustSeniorLoanFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustSeniorLoanFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Senior Loan Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustSeniorLoanFundMember" xlink:to="label_FirstTrustSeniorLoanFundMember"/>
					<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_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_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member" xlink:label="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member"/>
					<link:label xlink:type="resource" xlink:label="label_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Morgan Stanley Institutional Liquidity Funds Treasury Portfolio Institutional Class 3 51 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member" xlink:to="label_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member"/>
					<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_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_MoneyMarketFundsSectorMember" xlink:label="MoneyMarketFundsSectorMember"/>
					<link:label xlink:type="resource" xlink:label="label_MoneyMarketFundsSectorMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Money Market Funds Sector [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoneyMarketFundsSectorMember" xlink:to="label_MoneyMarketFundsSectorMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustNASDAQ100TechnologySectorIndexFundMember" xlink:label="FirstTrustNASDAQ100TechnologySectorIndexFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustNASDAQ100TechnologySectorIndexFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust NASDAQ100 Technology Sector Index Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustNASDAQ100TechnologySectorIndexFundMember" xlink:to="label_FirstTrustNASDAQ100TechnologySectorIndexFundMember"/>
					<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_FirstTrustNasdaqTransportationETFMember" xlink:label="FirstTrustNasdaqTransportationETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustNasdaqTransportationETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Nasdaq Transportation ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustNasdaqTransportationETFMember" xlink:to="label_FirstTrustNasdaqTransportationETFMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustDevelopedMarketsExUSAlphaDEXFundMember" xlink:label="FirstTrustDevelopedMarketsExUSAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustDevelopedMarketsExUSAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Developed Markets ex US AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustDevelopedMarketsExUSAlphaDEXFundMember" xlink:to="label_FirstTrustDevelopedMarketsExUSAlphaDEXFundMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustEmergingMarketsAlphaDEXFundMember" xlink:label="FirstTrustEmergingMarketsAlphaDEXFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustEmergingMarketsAlphaDEXFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust Emerging Markets AlphaDEX Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustEmergingMarketsAlphaDEXFundMember" xlink:to="label_FirstTrustEmergingMarketsAlphaDEXFundMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_FirstTrustNYSEArcaBiotechnologyIndexFundMember" xlink:label="FirstTrustNYSEArcaBiotechnologyIndexFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_FirstTrustNYSEArcaBiotechnologyIndexFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">First Trust NYSE Arca Biotechnology Index Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstTrustNYSEArcaBiotechnologyIndexFundMember" xlink:to="label_FirstTrustNYSEArcaBiotechnologyIndexFundMember"/>
					<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_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_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="#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_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_TRowePriceGroupIncMember" xlink:label="TRowePriceGroupIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_TRowePriceGroupIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">T Rowe Price Group Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TRowePriceGroupIncMember" xlink:to="label_TRowePriceGroupIncMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AutomaticDataProcessingIncMember" xlink:label="AutomaticDataProcessingIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_AutomaticDataProcessingIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Automatic Data Processing Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AutomaticDataProcessingIncMember" xlink:to="label_AutomaticDataProcessingIncMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CincinnatiFinancialCorpMember" xlink:label="CincinnatiFinancialCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_CincinnatiFinancialCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cincinnati Financial Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CincinnatiFinancialCorpMember" xlink:to="label_CincinnatiFinancialCorpMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AgilentTechnologiesIncMember" xlink:label="AgilentTechnologiesIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_AgilentTechnologiesIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Agilent Technologies Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgilentTechnologiesIncMember" xlink:to="label_AgilentTechnologiesIncMember"/>
					<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_UnionPacificCorpMember" xlink:label="UnionPacificCorpMember"/>
					<link:label xlink:type="resource" xlink:label="label_UnionPacificCorpMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Union Pacific Corp [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnionPacificCorpMember" xlink:to="label_UnionPacificCorpMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_VisaIncClassAMember" xlink:label="VisaIncClassAMember"/>
					<link:label xlink:type="resource" xlink:label="label_VisaIncClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Visa Inc Class A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VisaIncClassAMember" xlink:to="label_VisaIncClassAMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_GivaudanSAMember" xlink:label="GivaudanSAMember"/>
					<link:label xlink:type="resource" xlink:label="label_GivaudanSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Givaudan S A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GivaudanSAMember" xlink:to="label_GivaudanSAMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_ABBLtdMember" xlink:label="ABBLtdMember"/>
					<link:label xlink:type="resource" xlink:label="label_ABBLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">ABB Ltd [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ABBLtdMember" xlink:to="label_ABBLtdMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_DBSGroupHoldingsLtdMember" xlink:label="DBSGroupHoldingsLtdMember"/>
					<link:label xlink:type="resource" xlink:label="label_DBSGroupHoldingsLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">DBS Group Holdings Ltd [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DBSGroupHoldingsLtdMember" xlink:to="label_DBSGroupHoldingsLtdMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CompassGroupPLCMember" xlink:label="CompassGroupPLCMember"/>
					<link:label xlink:type="resource" xlink:label="label_CompassGroupPLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Compass Group PLC [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompassGroupPLCMember" xlink:to="label_CompassGroupPLCMember"/>
					<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_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_AristocratLeisureLtdMember" xlink:label="AristocratLeisureLtdMember"/>
					<link:label xlink:type="resource" xlink:label="label_AristocratLeisureLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Aristocrat Leisure Ltd [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AristocratLeisureLtdMember" xlink:to="label_AristocratLeisureLtdMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_PosteItalianeSPAMember" xlink:label="PosteItalianeSPAMember"/>
					<link:label xlink:type="resource" xlink:label="label_PosteItalianeSPAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Poste Italiane S p A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PosteItalianeSPAMember" xlink:to="label_PosteItalianeSPAMember"/>
					<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_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_PaloAltoNetworksIncMember" xlink:label="PaloAltoNetworksIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_PaloAltoNetworksIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Palo Alto Networks Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaloAltoNetworksIncMember" xlink:to="label_PaloAltoNetworksIncMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_FortinetIncMember" xlink:label="FortinetIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_FortinetIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Fortinet Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FortinetIncMember" xlink:to="label_FortinetIncMember"/>
					<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_NeurocrineBiosciencesIncMember" xlink:label="NeurocrineBiosciencesIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_NeurocrineBiosciencesIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Neurocrine Biosciences Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NeurocrineBiosciencesIncMember" xlink:to="label_NeurocrineBiosciencesIncMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_CadenceDesignSystemsIncMember" xlink:label="CadenceDesignSystemsIncMember"/>
					<link:label xlink:type="resource" xlink:label="label_CadenceDesignSystemsIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cadence Design Systems Inc [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CadenceDesignSystemsIncMember" xlink:to="label_CadenceDesignSystemsIncMember"/>
					<link:loc xlink:type="locator" xlink:href="#ftvit_AmphenolCorpClassAMember" xlink:label="AmphenolCorpClassAMember"/>
					<link:label xlink:type="resource" xlink:label="label_AmphenolCorpClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Amphenol Corp Class A [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmphenolCorpClassAMember" xlink:to="label_AmphenolCorpClassAMember"/>
					<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_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_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="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="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="FirstTrustSeniorLoanFundMember" id="ftvit_FirstTrustSeniorLoanFundMember" 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="FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" id="ftvit_FirstTrustLimitedDurationInvestmentGradeCorporateETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member" id="ftvit_MorganStanleyInstitutionalLiquidityFundsTreasuryPortfolioInstitutionalClass351Member" 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="EnterpriseProductsPartnersLPMember" id="ftvit_EnterpriseProductsPartnersLPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MoneyMarketFundsSectorMember" id="ftvit_MoneyMarketFundsSectorMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustNASDAQ100TechnologySectorIndexFundMember" id="ftvit_FirstTrustNASDAQ100TechnologySectorIndexFundMember" 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="FirstTrustNasdaqTransportationETFMember" id="ftvit_FirstTrustNasdaqTransportationETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustDevelopedMarketsExUSAlphaDEXFundMember" id="ftvit_FirstTrustDevelopedMarketsExUSAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustEmergingMarketsAlphaDEXFundMember" id="ftvit_FirstTrustEmergingMarketsAlphaDEXFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FirstTrustNYSEArcaBiotechnologyIndexFundMember" id="ftvit_FirstTrustNYSEArcaBiotechnologyIndexFundMember" 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="FirstTrustNasdaqSemiconductorETFMember" id="ftvit_FirstTrustNasdaqSemiconductorETFMember" 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="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="TRowePriceGroupIncMember" id="ftvit_TRowePriceGroupIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AutomaticDataProcessingIncMember" id="ftvit_AutomaticDataProcessingIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CincinnatiFinancialCorpMember" id="ftvit_CincinnatiFinancialCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AgilentTechnologiesIncMember" id="ftvit_AgilentTechnologiesIncMember" 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="UnionPacificCorpMember" id="ftvit_UnionPacificCorpMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="VisaIncClassAMember" id="ftvit_VisaIncClassAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GivaudanSAMember" id="ftvit_GivaudanSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ABBLtdMember" id="ftvit_ABBLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DBSGroupHoldingsLtdMember" id="ftvit_DBSGroupHoldingsLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CompassGroupPLCMember" id="ftvit_CompassGroupPLCMember" 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="RoyalBankOfCanadaMember" id="ftvit_RoyalBankOfCanadaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AristocratLeisureLtdMember" id="ftvit_AristocratLeisureLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PosteItalianeSPAMember" id="ftvit_PosteItalianeSPAMember" 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="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="PaloAltoNetworksIncMember" id="ftvit_PaloAltoNetworksIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FortinetIncMember" id="ftvit_FortinetIncMember" 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="NeurocrineBiosciencesIncMember" id="ftvit_NeurocrineBiosciencesIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CadenceDesignSystemsIncMember" id="ftvit_CadenceDesignSystemsIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AmphenolCorpClassAMember" id="ftvit_AmphenolCorpClassAMember" 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="CumminsIncMember" id="ftvit_CumminsIncMember" 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>
