Attic gable fans go behind louvers that are hinged at the top, so they swing open when the fan comes on (thermostat).
The shop I worked in had exhaust fans that opened on to a covered yard, so no worries there. If you have steep or long enough louvers, or put a roof over the opening, you'd keep the rain out.
Not sure on the climate control. I imagine you have to size the system to account for an opening, if you don't plan to keep it covered when not in use.