The Surface Wave Instrument Float with Tracking (SWIFT) is a freely drifting platform for measurements of waves, currents, and turbulence in the ocean surface layer. This platform has been used globally to study wave breaking, wave-current interactions, and waves in ice. A new version (v4) of the buoy has recently been developed and demonstrated in the Office of Naval Research “Langmuir Circulations” field campaign along the California coast (2017). The new version is built around a 5-beam Acoustic Doppler Current Profiler (Nortek Signature 1000) with a multi-pulse coherent mode for high-resolution turbulence measurements. The new Doppler profiler enables estimates of the turbulent dissipation rate down to 3.5 m below waves, compared with 0.5 m in the previous version, and can measure a much larger range of turbulence levels than the previous version. The new version also uses a broadband Doppler mode to profile the mean currents down to 20 m. Mean Eulerian velocity profiles are estimated from the wave-averaged profiler velocities by applying a wave-following bias correction that scales with the Stokes drift and has twice the vertical decay scale. Finally, the new version supports real-time telemetry of raw sea surface elevations for reconstruction of individual waves by processing a coherent array of multiple SWIFTs, with applications for short-range wave-by-wave forecasting. These combined improvements to the platform are intended to advance understanding of wave processes and applications in the ocean surface layer.