Latest Features

link - learn.microsoft.com/en-us/office365/admin/manage/release-options-in-office-365?redirectSourcePath=%252fen-us%252farticle%252ftargeted-release-3b3adfa4-1777-4ff0-b606-fb8732101f47&view=o365-worldwide 
link - learn.microsoft.com/en-us/DeployOffice/overview-of-the-office-2016-deployment-tool 
link - support.office.com/en-us/article/how-office-365-commercial-customers-can-get-early-access-to-new-office-features-4dd8ba40-73c0-4468-b778-c7b744d03ead 
link - learn.microsoft.com/en-us/DeployOffice/overview-of-the-office-2016-deployment-tool 

Standard or Targeted Release
Monthly or Semi-Annual
Monthly releases are cumulative.
Security updates, if needed, are released every month regardless of which update channel you are on.

Standard Semi-Annual

Previosuly called "Deferred Channel"
Every six months, in January and July
This is the default for Office 365 ProPlus

Standard Monthly

Previously called "Current Channel"

Targeted Semi-Annual

Previously called "First Release for Deferred Channel"
Every six months, in March and September
Available about 4 months ahead of the Standard Semi-Annual

Targeted Monthly

Previously called "Slow Channel"
Available at least one week ahead of the Standard Monthly

There are two different ways of getting the Monthly Channel features and this depends on which subscription you have:
Office 365 Home - ??
Office 365 Business - requires changes in the Admin Center and running the Deployment Tool

Step 1) Display Admin Center in your web browser
Open Excel and select the File tab.
Select Account at the top left.
Click on the Manage Account button above Office Updates.
Select the Admin app to open the Admin Centre on a new tab.

Step 2) Change the channel to Monthly
Select (Home > Office software > Software download settings).
Under Software for PC and mobile devices, make sure Office is On.
Under How often do you want users to get feature updates for Office Apps, choose Every month (Monthly channel).
Select "Every month (Monthly channel).

Step 3) Change the release preferences
Select (Settings > Organization Profile).
Next to Release Preferences, select Edit.
Choose "Targeted release for everyone".
Press Next and confirm.

Step 4) Download the Office 2016 Deployment Tool
Download the latest version of the Office 2016 Deployment Tool.
Install this to a local folder.
You will see 4 files.
configuration-Office365-x64.xml -
configuration-Office365-x86.xml -
configuration-Office2019Enterprise.xml -
setup.exe -

Step 5) Edit the corresponding XML file accordingly
If you have the Office 365 Business or Office 365 Business Premium plan, use O365BusinessRetail, instead of O365ProPlusRetail, for the Product ID in the configuration.xml file.

<Configuration> 
  <Add OfficeClientEdition="64" Channel="Monthly"> 
    <Product ID="O365BusinessRetail"> 
      <Language ID="en-us" /> 
    </Product> 
  </Add> 
</Configuration> 

Then run the setup.exe from the command line.

setup.exe /configure configuration-Office365-x64.xml 

Targeted Monthly - Insider

Previously called "Fast Channel"
There are two different ways of getting the Insider features and this depends on which subscription you have:
Office 365 Home / Personal / University - install the Office Insider build
Office 365 Business - requires changes in the Admin Center and running the Deployment Tool

Steps 1-4) Exactly the same as above
Step 5) Edit the corresponding XML file accordingly
If you have the Office 365 Business or Office 365 Business Premium plan, use O365BusinessRetail, instead of O365ProPlusRetail, for the Product ID in the configuration.xml file.

<Configuration> 
  <Add OfficeClientEdition="64" Channel="InsiderFast"> 
    <Product ID="O365BusinessRetail"> 
      <Language ID="en-us" /> 
    </Product> 
  </Add> 
</Configuration> 

Then run the setup.exe from the command line.

setup.exe /configure configuration-Office365-x64.xml