If you have no pine trees around, place the Xmas tree by the bird feeder if you have one. The song birds love to sit in it for cover from birds of prey.
As mentioned, sinking it for bait fish cover is another good option. Just do it in deep enough water, so it is not a navigation problem for boaters. You can gather several of the neighbors trees and tie them together for a crib and sink them. If you have enough ice with the cold weather, chop a hole big enough to sink the trees through the ice. Less than 20' of water is best, but deeper than 5' so motors will not hit it.