Suppose an exotic European option has a sub hedging (price being lower than the target) portfolio of vanilla European options all with the same expiry as the exotic option. The sub hedging portfolio dynamically depends on the market condition. Suppose the exotic option market price is now below the sub hedging vanilla portfolio and the market is fully liquid and frictionless (no bid-ask spread and other transaction cost). We would like to capture the arbitrage opportunity by longing the exotic option and shorting its sub hedging option portfolio. The question is if we continually adjust our hedge holding according to the current sub hedging portfolio as the time rolls forward? Are there any papers on this subject?