Which of the following statements regarding the Capital Allocation Line (CAL) is false?

The CAL shows risk-return combinations and is also called the efficient frontier of risky assets in the absence of a risk-free asset.

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

The CAL shows risk-return combinations.

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

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