II_1 factors with non-isomorphic ultrapowers

Abstract: We prove that there exist uncountably many separable II$_1$ factors whose ultrapowers (with respect to arbitrary ultrafilters) are non-isomorphic. In fact, we prove that the families of non-isomorphic II$_1$ factors originally introduced by McDuff \cite{MD69a,MD69b} are such examples. This entails the existence of a continuum of non-elementarily equivalent II$_1$ factors, thus settling a well-known open problem in the continuous model theory of operator algebras.