"Women are exempt from the
mitzvah
of
lulav
. Ashkenazic women may recite the blessing over the
lulav
. Some authorities hold that women have accepted this
mitzvah
as an obligation.
Though they are exempt, women may not recite the blessing over a set of four species that does not conform to Torah law.
Sephardic women don't usually say blessings on time-bound
mitzvoth
[such as the
lulav
], but the
Kaf HaChaim
(589:23)
reports an ancient custom in Jerusalem for Sephardic women to say the blessing on the
lulav
."
(Rav Yitzchak Yaacov Fuchs,
Halichos Bas Yisrael
, Targum Press/Feldheim).