Reference of "its"

Hi. Does the highlighted "its" in the following extract refer to "female subjectivity"?

Text:

For the woman to accede to phallic power she can turn herself into the phallus, she can ‘be’ it, so that the heterosexual man can find the signifier of his desire in the body of the woman, and she gains pleasure from her ability to seduce. However, this economy excludes a position for the woman on her own terms, and while numerous women artists have attempted to interrogate fetishism in order to find a space for female subjectivity in its realm, Mulvey’s point about Sherman’s later works raises the difficulty of doing this without the risk of falling out of signification or being reduced to a bodily essence in abject fluids which in turn are re-fetishised.