diff --git a/CHANGELOG.md b/CHANGELOG.md
index 17cdcc7261b..8bc3bdba01b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -28,6 +28,9 @@
 * Optimized ABI performance for `Option<{i32,u32,isize,usize,f32,*const T,*mut T}>`.
   [#4183](https://github.com/rustwasm/wasm-bindgen/pull/4183)
 
+* Reference type proposal transformations are not applied by default when detecting it in the Wasm module for the bundler target because currently `webpack` doesn't support it.
+  [#4235](https://github.com/rustwasm/wasm-bindgen/pull/4235)
+
 ### Fixed
 
 * Fixed methods with `self: &Self` consuming the object.
diff --git a/crates/cli-support/src/lib.rs b/crates/cli-support/src/lib.rs
index 0602beb5d2b..b4f3f9c5b12 100755
--- a/crates/cli-support/src/lib.rs
+++ b/crates/cli-support/src/lib.rs
@@ -324,7 +324,10 @@ impl Bindgen {
         };
 
         // Enable reference type transformations if the module is already using it.
-        if let Ok(true) = wasm_bindgen_wasm_conventions::target_feature(&module, "reference-types")
+        // Currently `webpack` does not support reference types.
+        if !matches!(self.mode, OutputMode::Bundler { .. })
+            && wasm_bindgen_wasm_conventions::target_feature(&module, "reference-types").ok()
+                == Some(true)
         {
             self.externref = true;
         }
diff --git a/crates/cli/tests/reference/add.wat b/crates/cli/tests/reference/add.wat
index 62ab9c0876b..ea9d635ecc4 100644
--- a/crates/cli/tests/reference/add.wat
+++ b/crates/cli/tests/reference/add.wat
@@ -6,6 +6,6 @@
   (export "memory" (memory 0))
   (export "add_u32" (func $add_u32))
   (export "add_i32" (func $add_i32))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/anyref-empty.wat b/crates/cli/tests/reference/anyref-empty.wat
index 2ff9975bfff..1044fd51d5e 100644
--- a/crates/cli/tests/reference/anyref-empty.wat
+++ b/crates/cli/tests/reference/anyref-empty.wat
@@ -6,6 +6,6 @@
   (export "memory" (memory 0))
   (export "__wbindgen_export_0" (table 0))
   (export "__wbindgen_start" (func 0))
-  (@custom "target_features" (after export) "\03+\0fmutable-globals+\08sign-ext+\0freference-types")
+  (@custom "target_features" (after export) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/anyref-import-catch.js b/crates/cli/tests/reference/anyref-import-catch.js
index f8e28d8db96..b9a96c382b8 100644
--- a/crates/cli/tests/reference/anyref-import-catch.js
+++ b/crates/cli/tests/reference/anyref-import-catch.js
@@ -39,15 +39,6 @@ function getStringFromWasm0(ptr, len) {
     return cachedTextDecoder.decode(getUint8ArrayMemory0().subarray(ptr, ptr + len));
 }
 
-let cachedDataViewMemory0 = null;
-
-function getDataViewMemory0() {
-    if (cachedDataViewMemory0 === null || cachedDataViewMemory0.buffer.detached === true || (cachedDataViewMemory0.buffer.detached === undefined && cachedDataViewMemory0.buffer !== wasm.memory.buffer)) {
-        cachedDataViewMemory0 = new DataView(wasm.memory.buffer);
-    }
-    return cachedDataViewMemory0;
-}
-
 function takeFromExternrefTable0(idx) {
     const value = wasm.__wbindgen_export_2.get(idx);
     wasm.__externref_table_dealloc(idx);
@@ -55,16 +46,9 @@ function takeFromExternrefTable0(idx) {
 }
 
 export function exported() {
-    try {
-        const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-        wasm.exported(retptr);
-        var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-        var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-        if (r1) {
-            throw takeFromExternrefTable0(r0);
-        }
-    } finally {
-        wasm.__wbindgen_add_to_stack_pointer(16);
+    const ret = wasm.exported();
+    if (ret[1]) {
+        throw takeFromExternrefTable0(ret[0]);
     }
 }
 
diff --git a/crates/cli/tests/reference/anyref-import-catch.wat b/crates/cli/tests/reference/anyref-import-catch.wat
index 7338f544d0a..c0bd0b51b81 100644
--- a/crates/cli/tests/reference/anyref-import-catch.wat
+++ b/crates/cli/tests/reference/anyref-import-catch.wat
@@ -1,24 +1,22 @@
 (module $reference_test.wasm
   (type (;0;) (func))
   (type (;1;) (func (result i32)))
-  (type (;2;) (func (param i32)))
-  (type (;3;) (func (param i32) (result i32)))
+  (type (;2;) (func (result i32 i32)))
+  (type (;3;) (func (param i32)))
   (import "./reference_test_bg.js" "__wbindgen_init_externref_table" (func (;0;) (type 0)))
-  (func $exported (;1;) (type 2) (param i32))
-  (func $__externref_table_dealloc (;2;) (type 2) (param i32))
-  (func $__externref_table_alloc (;3;) (type 1) (result i32))
-  (func $__wbindgen_exn_store (;4;) (type 2) (param i32))
-  (func $__wbindgen_add_to_stack_pointer (;5;) (type 3) (param i32) (result i32))
+  (func $__externref_table_dealloc (;1;) (type 3) (param i32))
+  (func $__externref_table_alloc (;2;) (type 1) (result i32))
+  (func $__wbindgen_exn_store (;3;) (type 3) (param i32))
+  (func $"exported multivalue shim" (;4;) (type 2) (result i32 i32))
   (table (;0;) 128 externref)
   (memory (;0;) 17)
   (export "memory" (memory 0))
-  (export "exported" (func $exported))
+  (export "exported" (func $"exported multivalue shim"))
   (export "__wbindgen_exn_store" (func $__wbindgen_exn_store))
   (export "__externref_table_alloc" (func $__externref_table_alloc))
   (export "__wbindgen_export_2" (table 0))
-  (export "__wbindgen_add_to_stack_pointer" (func $__wbindgen_add_to_stack_pointer))
   (export "__externref_table_dealloc" (func $__externref_table_dealloc))
   (export "__wbindgen_start" (func 0))
-  (@custom "target_features" (after code) "\03+\0fmutable-globals+\08sign-ext+\0freference-types")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/anyref-nop.wat b/crates/cli/tests/reference/anyref-nop.wat
index 5b10a28d750..cc829fa21e9 100644
--- a/crates/cli/tests/reference/anyref-nop.wat
+++ b/crates/cli/tests/reference/anyref-nop.wat
@@ -8,6 +8,6 @@
   (export "foo" (func $foo))
   (export "__wbindgen_export_0" (table 0))
   (export "__wbindgen_start" (func 0))
-  (@custom "target_features" (after code) "\03+\0fmutable-globals+\08sign-ext+\0freference-types")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/builder.wat b/crates/cli/tests/reference/builder.wat
index 47c4a031437..04ee04ef6b5 100644
--- a/crates/cli/tests/reference/builder.wat
+++ b/crates/cli/tests/reference/builder.wat
@@ -7,6 +7,6 @@
   (export "memory" (memory 0))
   (export "__wbg_classbuilder_free" (func $__wbg_classbuilder_free))
   (export "classbuilder_builder" (func $classbuilder_builder))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/constructor.wat b/crates/cli/tests/reference/constructor.wat
index 08eb4887660..27bb6d6781c 100644
--- a/crates/cli/tests/reference/constructor.wat
+++ b/crates/cli/tests/reference/constructor.wat
@@ -7,6 +7,6 @@
   (export "memory" (memory 0))
   (export "__wbg_classconstructor_free" (func $__wbg_classconstructor_free))
   (export "classconstructor_new" (func $classconstructor_new))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/empty.wat b/crates/cli/tests/reference/empty.wat
index b2199f956b4..3cd6ac87a09 100644
--- a/crates/cli/tests/reference/empty.wat
+++ b/crates/cli/tests/reference/empty.wat
@@ -1,6 +1,6 @@
 (module $reference_test.wasm
   (memory (;0;) 16)
   (export "memory" (memory 0))
-  (@custom "target_features" (after export) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after export) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/enums.wat b/crates/cli/tests/reference/enums.wat
index 479c1c3ec89..cc9bb74b586 100644
--- a/crates/cli/tests/reference/enums.wat
+++ b/crates/cli/tests/reference/enums.wat
@@ -10,6 +10,6 @@
   (export "option_enum_echo" (func $option_enum_echo))
   (export "get_name" (func $get_name))
   (export "option_string_enum_echo" (func $option_string_enum_echo))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/getter-setter.js b/crates/cli/tests/reference/getter-setter.js
index 789dfb2787e..6c05b3065a9 100644
--- a/crates/cli/tests/reference/getter-setter.js
+++ b/crates/cli/tests/reference/getter-setter.js
@@ -24,15 +24,6 @@ function getStringFromWasm0(ptr, len) {
     return cachedTextDecoder.decode(getUint8ArrayMemory0().subarray(ptr, ptr + len));
 }
 
-let cachedDataViewMemory0 = null;
-
-function getDataViewMemory0() {
-    if (cachedDataViewMemory0 === null || cachedDataViewMemory0.buffer.detached === true || (cachedDataViewMemory0.buffer.detached === undefined && cachedDataViewMemory0.buffer !== wasm.memory.buffer)) {
-        cachedDataViewMemory0 = new DataView(wasm.memory.buffer);
-    }
-    return cachedDataViewMemory0;
-}
-
 function isLikeNone(x) {
     return x === undefined || x === null;
 }
@@ -129,61 +120,40 @@ export class Foo {
      * @returns {number | undefined}
      */
     get y() {
-        try {
-            const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-            wasm.__wbg_get_foo_y(retptr, this.__wbg_ptr);
-            var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-            var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-            return r0 === 0 ? undefined : r1 >>> 0;
-        } finally {
-            wasm.__wbindgen_add_to_stack_pointer(16);
-        }
+        const ret = wasm.__wbg_get_foo_y(this.__wbg_ptr);
+        return ret === 0x100000001 ? undefined : ret;
     }
     /**
      * @param {number | undefined} [arg0]
      */
     set y(arg0) {
-        wasm.__wbg_set_foo_y(this.__wbg_ptr, !isLikeNone(arg0), isLikeNone(arg0) ? 0 : arg0);
+        wasm.__wbg_set_foo_y(this.__wbg_ptr, isLikeNone(arg0) ? 0x100000001 : (arg0) >>> 0);
     }
     /**
      * @returns {number | undefined}
      */
     get z() {
-        try {
-            const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-            wasm.foo_z(retptr, this.__wbg_ptr);
-            var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-            var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-            return r0 === 0 ? undefined : r1 >>> 0;
-        } finally {
-            wasm.__wbindgen_add_to_stack_pointer(16);
-        }
+        const ret = wasm.foo_z(this.__wbg_ptr);
+        return ret === 0x100000001 ? undefined : ret;
     }
     /**
      * @param {number | undefined} [z]
      */
     set z(z) {
-        wasm.foo_set_z(this.__wbg_ptr, !isLikeNone(z), isLikeNone(z) ? 0 : z);
+        wasm.foo_set_z(this.__wbg_ptr, isLikeNone(z) ? 0x100000001 : (z) >>> 0);
     }
     /**
      * @returns {number | undefined}
      */
     get lone_getter() {
-        try {
-            const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-            wasm.foo_lone_getter(retptr, this.__wbg_ptr);
-            var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-            var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-            return r0 === 0 ? undefined : r1 >>> 0;
-        } finally {
-            wasm.__wbindgen_add_to_stack_pointer(16);
-        }
+        const ret = wasm.foo_lone_getter(this.__wbg_ptr);
+        return ret === 0x100000001 ? undefined : ret;
     }
     /**
      * @param {number | undefined} [value]
      */
     set lone_setter(value) {
-        wasm.foo_set_lone_setter(this.__wbg_ptr, !isLikeNone(value), isLikeNone(value) ? 0 : value);
+        wasm.foo_set_lone_setter(this.__wbg_ptr, isLikeNone(value) ? 0x100000001 : (value) >>> 0);
     }
     /**
      * You will only read numbers.
diff --git a/crates/cli/tests/reference/getter-setter.wat b/crates/cli/tests/reference/getter-setter.wat
index 9688f99b7f2..3daf51bf7a5 100644
--- a/crates/cli/tests/reference/getter-setter.wat
+++ b/crates/cli/tests/reference/getter-setter.wat
@@ -2,26 +2,27 @@
   (type (;0;) (func (result i32)))
   (type (;1;) (func (param i32)))
   (type (;2;) (func (param i32) (result i32)))
-  (type (;3;) (func (param i32 i32)))
-  (type (;4;) (func (param i32 i32) (result i32)))
-  (type (;5;) (func (param i32 i32 i32)))
-  (type (;6;) (func (param i32 i32 i32 i32) (result i32)))
-  (func $__wbindgen_realloc (;0;) (type 6) (param i32 i32 i32 i32) (result i32))
-  (func $__wbindgen_malloc (;1;) (type 4) (param i32 i32) (result i32))
-  (func $__wbg_set_foo_y (;2;) (type 5) (param i32 i32 i32))
-  (func $__wbg_get_foo_y (;3;) (type 3) (param i32 i32))
-  (func $foo_z (;4;) (type 3) (param i32 i32))
-  (func $foo_lone_getter (;5;) (type 3) (param i32 i32))
-  (func $foo_set_weird (;6;) (type 5) (param i32 i32 i32))
-  (func $foo_set_z (;7;) (type 5) (param i32 i32 i32))
-  (func $foo_set_lone_setter (;8;) (type 5) (param i32 i32 i32))
-  (func $__wbg_get_foo_x (;9;) (type 2) (param i32) (result i32))
-  (func $__wbg_set_foo_x (;10;) (type 3) (param i32 i32))
+  (type (;3;) (func (param i32) (result f64)))
+  (type (;4;) (func (param i32 i32)))
+  (type (;5;) (func (param i32 i32) (result i32)))
+  (type (;6;) (func (param i32 i32 i32)))
+  (type (;7;) (func (param i32 i32 i32 i32) (result i32)))
+  (type (;8;) (func (param i32 f64)))
+  (func $__wbindgen_realloc (;0;) (type 7) (param i32 i32 i32 i32) (result i32))
+  (func $__wbindgen_malloc (;1;) (type 5) (param i32 i32) (result i32))
+  (func $foo_set_weird (;2;) (type 6) (param i32 i32 i32))
+  (func $__wbg_set_foo_y (;3;) (type 8) (param i32 f64))
+  (func $__wbg_get_foo_y (;4;) (type 3) (param i32) (result f64))
+  (func $__wbg_get_foo_x (;5;) (type 2) (param i32) (result i32))
+  (func $foo_set_z (;6;) (type 8) (param i32 f64))
+  (func $foo_set_lone_setter (;7;) (type 8) (param i32 f64))
+  (func $foo_z (;8;) (type 3) (param i32) (result f64))
+  (func $foo_lone_getter (;9;) (type 3) (param i32) (result f64))
+  (func $__wbg_set_foo_x (;10;) (type 4) (param i32 i32))
   (func $foo_weird (;11;) (type 2) (param i32) (result i32))
   (func $foo_x_static (;12;) (type 0) (result i32))
-  (func $__wbg_foo_free (;13;) (type 3) (param i32 i32))
+  (func $__wbg_foo_free (;13;) (type 4) (param i32 i32))
   (func $foo_set_x_static (;14;) (type 1) (param i32))
-  (func $__wbindgen_add_to_stack_pointer (;15;) (type 2) (param i32) (result i32))
   (memory (;0;) 17)
   (export "memory" (memory 0))
   (export "__wbg_foo_free" (func $__wbg_foo_free))
@@ -37,9 +38,8 @@
   (export "foo_set_weird" (func $foo_set_weird))
   (export "foo_x_static" (func $foo_x_static))
   (export "foo_set_x_static" (func $foo_set_x_static))
-  (export "__wbindgen_add_to_stack_pointer" (func $__wbindgen_add_to_stack_pointer))
   (export "__wbindgen_malloc" (func $__wbindgen_malloc))
   (export "__wbindgen_realloc" (func $__wbindgen_realloc))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/import-catch.js b/crates/cli/tests/reference/import-catch.js
index 4c4d0284851..3f6f772e0ae 100644
--- a/crates/cli/tests/reference/import-catch.js
+++ b/crates/cli/tests/reference/import-catch.js
@@ -27,15 +27,6 @@ function handleError(f, args) {
     }
 }
 
-let cachedDataViewMemory0 = null;
-
-function getDataViewMemory0() {
-    if (cachedDataViewMemory0 === null || cachedDataViewMemory0.buffer.detached === true || (cachedDataViewMemory0.buffer.detached === undefined && cachedDataViewMemory0.buffer !== wasm.memory.buffer)) {
-        cachedDataViewMemory0 = new DataView(wasm.memory.buffer);
-    }
-    return cachedDataViewMemory0;
-}
-
 function getObject(idx) { return heap[idx]; }
 
 function dropObject(idx) {
@@ -51,16 +42,9 @@ function takeObject(idx) {
 }
 
 export function exported() {
-    try {
-        const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-        wasm.exported(retptr);
-        var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-        var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-        if (r1) {
-            throw takeObject(r0);
-        }
-    } finally {
-        wasm.__wbindgen_add_to_stack_pointer(16);
+    const ret = wasm.exported();
+    if (ret[1]) {
+        throw takeObject(ret[0]);
     }
 }
 
diff --git a/crates/cli/tests/reference/import-catch.wat b/crates/cli/tests/reference/import-catch.wat
index 2189e238a2e..1645ae59dbc 100644
--- a/crates/cli/tests/reference/import-catch.wat
+++ b/crates/cli/tests/reference/import-catch.wat
@@ -1,14 +1,12 @@
 (module $reference_test.wasm
-  (type (;0;) (func (param i32)))
-  (type (;1;) (func (param i32) (result i32)))
-  (func $exported (;0;) (type 0) (param i32))
-  (func $__wbindgen_exn_store (;1;) (type 0) (param i32))
-  (func $__wbindgen_add_to_stack_pointer (;2;) (type 1) (param i32) (result i32))
+  (type (;0;) (func (result i32 i32)))
+  (type (;1;) (func (param i32)))
+  (func $__wbindgen_exn_store (;0;) (type 1) (param i32))
+  (func $"exported multivalue shim" (;1;) (type 0) (result i32 i32))
   (memory (;0;) 17)
   (export "memory" (memory 0))
-  (export "exported" (func $exported))
+  (export "exported" (func $"exported multivalue shim"))
   (export "__wbindgen_exn_store" (func $__wbindgen_exn_store))
-  (export "__wbindgen_add_to_stack_pointer" (func $__wbindgen_add_to_stack_pointer))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/nop.wat b/crates/cli/tests/reference/nop.wat
index 211418dd944..1b0d33a23f5 100644
--- a/crates/cli/tests/reference/nop.wat
+++ b/crates/cli/tests/reference/nop.wat
@@ -4,6 +4,6 @@
   (memory (;0;) 17)
   (export "memory" (memory 0))
   (export "nop" (func $nop))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/pointers.wat b/crates/cli/tests/reference/pointers.wat
index 5d64739088d..954d8a7ff1c 100644
--- a/crates/cli/tests/reference/pointers.wat
+++ b/crates/cli/tests/reference/pointers.wat
@@ -6,6 +6,6 @@
   (export "memory" (memory 0))
   (export "const_pointer" (func $const_pointer))
   (export "mut_pointer" (func $mut_pointer))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/raw.wat b/crates/cli/tests/reference/raw.wat
index d3589ef5dba..3d459092f0b 100644
--- a/crates/cli/tests/reference/raw.wat
+++ b/crates/cli/tests/reference/raw.wat
@@ -11,6 +11,6 @@
   (export "__wbg_test_free" (func $__wbg_test_free))
   (export "test_test1" (func $test_test1))
   (export "test_test2" (func $test_test2))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/result-string.js b/crates/cli/tests/reference/result-string.js
index caa17738225..ca996f741a9 100644
--- a/crates/cli/tests/reference/result-string.js
+++ b/crates/cli/tests/reference/result-string.js
@@ -19,15 +19,6 @@ function addHeapObject(obj) {
     return idx;
 }
 
-let cachedDataViewMemory0 = null;
-
-function getDataViewMemory0() {
-    if (cachedDataViewMemory0 === null || cachedDataViewMemory0.buffer.detached === true || (cachedDataViewMemory0.buffer.detached === undefined && cachedDataViewMemory0.buffer !== wasm.memory.buffer)) {
-        cachedDataViewMemory0 = new DataView(wasm.memory.buffer);
-    }
-    return cachedDataViewMemory0;
-}
-
 function getObject(idx) { return heap[idx]; }
 
 function dropObject(idx) {
@@ -68,23 +59,17 @@ export function exported() {
     let deferred2_0;
     let deferred2_1;
     try {
-        const retptr = wasm.__wbindgen_add_to_stack_pointer(-16);
-        wasm.exported(retptr);
-        var r0 = getDataViewMemory0().getInt32(retptr + 4 * 0, true);
-        var r1 = getDataViewMemory0().getInt32(retptr + 4 * 1, true);
-        var r2 = getDataViewMemory0().getInt32(retptr + 4 * 2, true);
-        var r3 = getDataViewMemory0().getInt32(retptr + 4 * 3, true);
-        var ptr1 = r0;
-        var len1 = r1;
-        if (r3) {
+        const ret = wasm.exported();
+        var ptr1 = ret[0];
+        var len1 = ret[1];
+        if (ret[3]) {
             ptr1 = 0; len1 = 0;
-            throw takeObject(r2);
+            throw takeObject(ret[2]);
         }
         deferred2_0 = ptr1;
         deferred2_1 = len1;
         return getStringFromWasm0(ptr1, len1);
     } finally {
-        wasm.__wbindgen_add_to_stack_pointer(16);
         wasm.__wbindgen_free(deferred2_0, deferred2_1, 1);
     }
 }
diff --git a/crates/cli/tests/reference/result-string.wat b/crates/cli/tests/reference/result-string.wat
index c7f63576bbd..591d80c3bc6 100644
--- a/crates/cli/tests/reference/result-string.wat
+++ b/crates/cli/tests/reference/result-string.wat
@@ -1,15 +1,12 @@
 (module $reference_test.wasm
-  (type (;0;) (func (param i32)))
-  (type (;1;) (func (param i32) (result i32)))
-  (type (;2;) (func (param i32 i32 i32)))
-  (func $exported (;0;) (type 0) (param i32))
-  (func $__wbindgen_free (;1;) (type 2) (param i32 i32 i32))
-  (func $__wbindgen_add_to_stack_pointer (;2;) (type 1) (param i32) (result i32))
+  (type (;0;) (func (result i32 i32 i32 i32)))
+  (type (;1;) (func (param i32 i32 i32)))
+  (func $__wbindgen_free (;0;) (type 1) (param i32 i32 i32))
+  (func $"exported multivalue shim" (;1;) (type 0) (result i32 i32 i32 i32))
   (memory (;0;) 17)
   (export "memory" (memory 0))
-  (export "exported" (func $exported))
-  (export "__wbindgen_add_to_stack_pointer" (func $__wbindgen_add_to_stack_pointer))
+  (export "exported" (func $"exported multivalue shim"))
   (export "__wbindgen_free" (func $__wbindgen_free))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/self-type.wat b/crates/cli/tests/reference/self-type.wat
index 546667f8a53..667e060b4c9 100644
--- a/crates/cli/tests/reference/self-type.wat
+++ b/crates/cli/tests/reference/self-type.wat
@@ -20,6 +20,6 @@
   (export "test_self_Self" (func $test_self_Self))
   (export "test_self_ref_Self" (func $test_self_ref_Self))
   (export "test_self_ref_mut_Self" (func $test_self_ref_mut_Self))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/skip-jsdoc.wat b/crates/cli/tests/reference/skip-jsdoc.wat
index 0179e135da5..2b7cadc23ee 100644
--- a/crates/cli/tests/reference/skip-jsdoc.wat
+++ b/crates/cli/tests/reference/skip-jsdoc.wat
@@ -6,6 +6,6 @@
   (export "memory" (memory 0))
   (export "docme" (func $docme))
   (export "i_has_docs" (func $i_has_docs))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/string-arg.wat b/crates/cli/tests/reference/string-arg.wat
index 1ce4e8ca28a..fae75cfbcba 100644
--- a/crates/cli/tests/reference/string-arg.wat
+++ b/crates/cli/tests/reference/string-arg.wat
@@ -10,6 +10,6 @@
   (export "foo" (func $foo))
   (export "__wbindgen_malloc" (func $__wbindgen_malloc))
   (export "__wbindgen_realloc" (func $__wbindgen_realloc))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )
 
diff --git a/crates/cli/tests/reference/web-sys.wat b/crates/cli/tests/reference/web-sys.wat
index b4993ed4ac3..06265263889 100644
--- a/crates/cli/tests/reference/web-sys.wat
+++ b/crates/cli/tests/reference/web-sys.wat
@@ -15,6 +15,6 @@
   (export "__wbindgen_exn_store" (func $__wbindgen_exn_store))
   (export "__wbindgen_malloc" (func $__wbindgen_malloc))
   (export "__wbindgen_realloc" (func $__wbindgen_realloc))
-  (@custom "target_features" (after code) "\02+\0fmutable-globals+\08sign-ext")
+  (@custom "target_features" (after code) "\04+\0amultivalue+\0fmutable-globals+\0freference-types+\08sign-ext")
 )