Place the trivet in the Instant Pot and add the water. Carefully place the beets on the trivet.
Close the Instant Pot lid, set the valve on “sealing”, and cook on high pressure for 15 minutes. Once completed, turn off the Instant Pot and wait 10 minutes to naturally release the pressure. Quick-release any remaining pressure and remove the lid. If you can easily insert a fork or the tip of a knife into the beet, it's done. Carefully remove the beets and place in a bowl to cool.
On a cutting board, slice off the ends and remove the peel - it will slide off.* Cut the beets as desired.