Add 1 cup of water to the Instant Pot. Place the trivet inside and add the asparagus.
Place the lid back on, making sure the valve is turned to the sealing position. Pressure cook for 0 minutes (that’s right, zero minutes! It will take the Instant Pot about 5 minutes to come to pressure and steam the asparagus)
Once it is done cooking, quick release the pressure by turning the valve to the venting position.
Place the asparagus on a serving plate. Toss it with olive oil, salt, freshly ground pepper, and parmesan cheese.