Which of the following statements is incorrect

Select one:

a.

The portfolio used in the derivation of the BSM PDE is riskless only for a very short period of time.

b.

To solve the BSM PDE, one needs to impose the boundary condition satisfied by the derivative being priced.

c.

The BSM PDE is derived using the no-arbitrage argument

d.

The BSM PDE has the BSM option pricing formula as the only solution