Can I open my own ETF?

Could you please explain whether it is possible for an individual like myself to establish my very own Exchange-Traded Fund (ETF)? I'm curious about the process and the requirements that might be involved. Is there a specific regulatory framework or license that I need to adhere to? Additionally, I'm interested in knowing if there are any financial thresholds or minimum investment amounts that I should be aware of. Could you also elaborate on the potential risks and challenges that might arise in establishing my own ETF? I'm eager to learn more about this topic and your insights would be greatly appreciated.