Given a set $I$ and an $R$-module $M$, define the complete module product $M^I$ to be the set of all functions $I\to M$, with addition and scalar multiplication done componentwise. By contrast, given a set $I$ we can also form the free module on $I$, which is usually also denoted $M^I$ but I will denote by $M^{\oplus I}$ here for disambiguation, which is the submodule of $M^I$ consisting of functions $x:I\to M$ such that $x_\alpha=0$ for all but finitely many $\alpha\in I$. The question is:
Is the complete module product free? (where free means isomorphic to a free module)
Obviously if $I$ is finite then $M^{\oplus I}=M^I$ so the answer is yes. But if $I$ is infinite $I$ is no longer a basis for $M^I$. There is a theorem in linear algebra to the effect that every vector space has a basis, or every vector space is free, so if $M$ is a vector space then $M^I$ is as well and hence the answer is again yes. Are there counterexamples, then, with infinite dimensional module products?