We report a strategy to significantly improve the ductility and achieve large superelastic and shape memory strains in polycrystalline Cu–Al–Ni shape memory alloys that are normally brittle. We use a liquid-phase (Taylor) wire forming process to obtain microwires of 10–150 μm diameter with a bamboo grain structure. The reduction of grain boundary area, removal of triple junctions, and introduction of a high specific surface area in the wire decrease constraints on the martensitic transformation, and permit both superelasticity and stress-assisted two-way shape memory with recoverable strains as high as 6.8%.