A watercraft can include a foil configured for movement between an undeployed position and a first deployed position in which the foil raises the relative position of the watercraft relative to the water line as the watercraft moves forward through the water, thereby facilitating planing of the watercraft. The foil can be configured for movement to a second deployed position in which the foil lowers the relative position of the stern end of the watercraft as the watercraft moves forward through the water, thereby modifying the wake produced by the watercraft.