Which of the following statements is false regarding Modigliani and Miller$$s $($MM$$s$)$ proposition I

with no taxes?

A$.$ Firm value is not affected by its capital structure.

B$.$ Operating risk is not affected by changes in capital structure.

C$.$ Financial risk is not affected by changes in capital structure.

D$.$ Investors can reproduce the risk and returns of any capital structure they choose.

E$.$ Weighted$-$average cost of capital $($WACC$)$ is not affected by changes in capital structure