Some caulking compounds accept paint (and may even require it for maximum protection); others do not.
All are rated to last as long as silicone yet many accept paint and most cost less.
Use them on paper and other absorbent surfaces that have been primed to accept water-based paint.
But it has a short life expectancy, requires a solvent for cleanup and does not accept paint.
If not, use high-quality latex-base caulking, which readily accepts paint.
All last as long as silicone and not only accept paint but often cost less.
If the fascia will not accept paint, coat it with preservative.
Copper- or zinc-naphthenate varieties are the safest to use; both will also accept paint.
Pure latex has a short life expectancy, but is inexpensive and accepts paint well.
Another feature to look for is whether the compound will accept paint.