There is no transparent outdoor wood finish that is apply and forget. They all need sanding back and refinishing every two or three years.
A guy on this forum (Richard?) once said something very smart, he commented that if you leave timber to weather it goes silver grey. But if you apply an oil or oil related finish, then get fed up with the maintenance, instead of a uniform silvery grey you get horrible greeny black patches. His hypothesis was that microscopic bugs start eating the oil which looks carp. It then takes several years before all their food is consumed and they die off, at which point the silvery grey colour comes back.
If that's true, and it certainly fits with my experience, you have to be aware that when you first slap on your finish you're actually signing up to a lifetimes worth of maintenance. If you ever stop the timber will look much worse for a few years than if you'd never applied a finish in the first place.
My take out from that is follow one of three routes with outdoor timber. Do nothing and learn to love that natural silvery grey. Varnish or oil, but only on things like a beautiful wooden boat that you cherish and will be happy to maintain indefinitely. Or thirdly, paint it!
Good luck!