Coherent folded acoustic phonons in a multilayered GaSb/InAs epitaxial heterostructure were generated by femtosecond laser pulses and studied by means of ultrafast x-ray diffraction. Coherent phonons excited simultaneously in the fundamental acoustic branch and the first back-folded branch were detected. This represents the first clear evidence for phonon branch folding based directly on the atomic motion to which x-ray diffraction is sensitive. From a comparison of the measured phonon-modulated x-ray reflectivity with simulations, evidence was found for a reduction of the laser penetration depth. This reduction can be explained by the self-modulation of the refractive index due to photogenerated free carriers.