"I know Mike is not afraid of the gun lobby," a woman says in the ad. "They're scared of him."
The sparring between Messrs. Trump and Bloomberg was not limited to the Super Bowl airwaves, as the President blasted Bloomberg during a Fox interview, and traded jabs on Twitter as well.
"He is going nowhere, just wasting his money," the President tweeted.
Bloomberg fired back.
"Donald Trump knows I can beat him — and the fear of that keeps him up tweeting about me late into the night," the former mayor of New York City tweeted.
Bloomberg is not expected to do much of note in the Iowa Caucuses on Monday, as his strategy is to spend money in hopes of doing better in later states - much like fellow Democrat Tom Steyer.
The strategy has paid off for Bloomberg, who finds himself in fourth place in the national poll averages.
History has not been kind to candidates who have done little in the early states - Bloomberg and Steyer both hope to change that in 2020.