If we have a family $(\mathfrak{M}_i)_{i\in I}$ of $L$-structures, and a filter $\mathcal{F}$ over $I$, we can define the reduced product $\prod_{i\in I}\mathfrak{M }_i/\mathcal{F}$. If $\mathcal{F}$ is an ultrafilter, the following property called Łoś's theorem is verified for all formula $F[v_1,...,v_n]$ and all elements $(a_1^i)\dots(a_n^i)$ in $\prod_{i\in I}|\mathfrak{M}_i|$: $$\prod_{i\in I}\mathfrak{M }_i/\mathcal{F}\models F[\widetilde{(a_1^i)},\dots,\widetilde{(a_n^i)}]\Leftrightarrow\{i\in I|\mathfrak{M}_i\models F[a_1^i,\dots,a_n^i]\}\in\mathcal{F}$$
I was wondering if we could find a counter-examples if $\mathcal{F}$ is not an ultrafilter. I can find a language and a structure in which this property is false for a given $\mathcal{F}$. For example take the language $L_0$ with just two 1-ary relation $R$ and $S$, the $L_0$-structure $\mathfrak{M}_0$ with base set $\{0,1\}$, $\overline{R}^{\mathfrak{M}_0}=\{0\}$ and $\overline{S}^{\mathfrak{M}_0}=\{1\}$. Take the formula $F=\forall x,Rx\vee Sx$. Then $\mathfrak{M}\models F$ but $\mathfrak{M}^I/\mathcal{F}\not\models F$ (if $G\in \mathcal{P}(I)$ such that $G\not\in\mathcal{F}$ and $^cG\not\in\mathcal{F}$ take the element $(x^i)_{i\in I}$ which is equal to $1$ on $G$ and $0$ on $^cG$).
Now, given a filter $\mathcal{F}$ which is not an ultrafilter, a language $L$ and structures $\mathfrak{M}_i$, is there always a formula (a sentence ?) which does not verify Łoś's theorem ? If it is false, then, given a filter $\mathcal{F}$ which is not an ultrafilter and a language $L$, can we find structures $\mathfrak{M}_i$ (I would rather have $i\rightarrow\mathfrak{M}_i$ constant) and a formula (a sentence ?) F, which do not verify the theorem ?
The answer is yes on both accounts, at least assuming the initial structures are nontrivial (i.e. have more than $1$ element), or at least that it is not true that $\mathcal F$-almost all are trivial.
Consider the formula $\neg (x=y)$, a set $A\notin \mathcal F$ with $A^c\notin\mathcal F$, and let $x_i,y_i$ be two sequences such that $x_i=y_i$ if and only if $i\in A$. Then $(x_i)/\mathcal F\neq (y_i)/\mathcal F$ even though this is not witnessed by a large set of $i$.
The key thing is, for any reduced product, positive combinations are preserved, even with quantifiers, but you need $A\in \mathcal U$ or $A^c\in \mathcal U$ to deal with negation. Otherwise (the supposed more general version of) Łoś's theorem would violate the law of excluded middle.