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This is the story of the "beginning".— The archetype's tagline in promotional material
The members of this archetype seem to be related with "Endymion", "Invoked", and "Witchcrafter" archetypes by lore. They are probably supposed to be the ancestors, or instead, the younger counterparts of the leaders, of above archetypes (who eventually became the founder of their respective magician groups). (Strangely enough, "Rilliona, the Magistus of Verre" looks more mature than her "Witchcrafter" counterpart.)
Magistus focus on Summoning Level 4 Spellcasters and equipping them with the Deck's multitude of Extra Deck monsters, which grant effects to the Main Deck monsters ranging from searching to protection to battle oriented effects; such as ATK gaining, multiple attacks, or immediate destruction when battling. Through their Spell card, "Magistus Theurgy", they can equip any Extra Deck monster to a Magistus late in the game though. However, what holds the deck back is an inherent level of slowness that leaves the deck rarely able to stand alone and needing to be supported by other decks; such as Invoked or Dogmatika.
However, the deck does contain a unique level of flexibility because of this factor and can be used in many different ways to remove threats from the board. One part in particular is Grimoire Crowley's ability to make any of the core six Invoked Fusion Monsters due to its Attribute Changing Effect. As well, this lets the deck create various Rank 4 monsters; such as Bahamut Shark into Toadally Awesome using Crowley as a WATER monster and Master Endymion.