Bluetooth Low Energy - Smart vs Smart Ready device
A Smart device can be a master or a slave. It is important to understand that when a Smart device communicates with a SmartReady device, they're both using the 'low energy' subset of Bluetooth v4.0, and therefore either can be master or a slave, depending on your implementation.

Generally, being Smart or SmartReady is a hardware feature, while being master or slave is a connection feature, so the two are not related.  

I hope this helps.