I don't think so. Motif charges $4.95 (I think) to add an individual stock to a motif. So that's $150 right there. Better bet would be to see how many Loyal3 stocks fall within the formula and buy those at no commission.
According to the Magic Investing website, they advise buying 30-50 stocks and holding them for a year and then selling. Motif charges a total of $9.95 for a bundle of stocks up to 30 if you create your own Motif.
Of course, you'll end up with some fractional shares depending on your allocation and how much money you initially put in.
Yeah it may cost $9.95 up front when you start, but at the end of the year when you tax-harvest you'll be selling some stocks early and the rest of the stocks late. So you'll be paying a lot of the $4.95 fees after that.
However, brokerage fees are all a function of how much money you have. Even if you have $100k and you have to buy + sell 30 stocks a year (for a total of 60) then that's $300 a year in fees you are paying. That's 0.03% which is less than the Vanguard Total Stock Market ETF management fees. Assuming the Magic Formula continues to match or outperform, then it's cheaper than index investing. If you had $1 million+, it would be a steal.
For smaller accounts, Interactive Brokers charges $.005 a share. I think they generally require at least $25k in the account however. Up to a certain account size IB is a steal. After that, you're better off paying a flat rate like most other brokers do.
Though it's not discussed much in these forums, your broker's trade execution can make a big difference. IB does a pretty good job in this regard. When I was with TDAmeritrade, it was much worse.