Add chicken broth and water to bottom of Instant Pot insert.
Clean brussels sprouts, trim the bottom, and remove any spoiled leaves. Cut large sprouts in half. Place sprouts on the trivet in the Instant Pot and sprinkle with salt and pepper.
Set Instant Pot to cook on High Pressure. For tender sprouts, cook for 3 minutes and for more crisp sprouts, cook for 2 minutes.
Quick release pressure. Remove with a slotted spoon to a serving dish leaving broth behind. Toss with butter, salt, and pepper to taste.
Notes
We found that cooking for 3 minutes made the sprouts too soft.