 Solution

Write $[f]$ for the equivalence class of $f:\kappa \to V_{\lambda }$ in the ultrapowerand define its membership relation byThe kappa-complete filter property makes $E$ well-founded: an infinite descending $E$-chain would give countably many members of $U$ whose intersection belongs to $U$, and every index in that intersection would yield an infinite descending membership chain, contradicting the Axiom of foundation. The relation is extensional by Łoś's theorem.

The Mostowski collapse theorem therefore gives a unique isomorphism $\pi :(N,E)\to (M,\in )$ onto a transitive set $M$. Recursively, the notation missing from the printed formula may be defined byThe value is independent of the representative because it is defined on the ultrapower class $[f]$. Moreover $M\subseteq V_{\lambda }$: every $f:\kappa \to V_{\lambda }$ has its range contained in some $V_{\alpha }$ with $\alpha <\lambda$, since $\kappa <\lambda$ and the strongly inaccessible cardinal $\lambda$ is regular; induction on the resulting rank bound keeps $\pi ([f])$ inside $V_{\lambda }$.

Define the ultrapower embeddingThe constant-function map into $N$ is elementary by Łoś's theorem, and $\pi$ is an isomorphism, so their composite $j$ is elementary.