What happens when you have a creature grappled and use the Bait and Switch to move 5 feet away from the creature?

Does it just break your grapple since the creature is outside your reach? Does this count as "Moving a Grappled Target" and the creature you’re grappling moves 5 feet with you?

Or does this count as the latter, but since your speed is halved, and the maneuver only allows you to move 5 feet, your speed is 2.5 feet, and if playing on a grid, actually cannot move?