Which of the following statements regarding the capital allocation line (CAL) is false?

A. The slope of the CAL equals the increase in the expected return of the complete portfolio per unit of additional standard deviation.

B. The slope of the CAL is also called the reward-to-volatility ratio

C. All of the options are true

D. The CAL shows risk-return combinations

E. The CAL is also called the efficient frontier of risky assets in the absence of a risk-free asset