Forested wetlands are common ecosystems within the Great Lakes region (Michigan, Minnesota, and Wisconsin), USA. Projected increases in extreme flooding events and shifting disturbance regimes create challenges for tree regeneration. Forest managers are considering the use of enrichment planting to increase tree species diversity, but limited information is available that quantifies the interactions between the flooding and shade tolerances of candidate tree species. We used a microcosm experiment to manipulate shade and flooding conditions to determine the effects on early survival, growth, and leaf gas exchange of 23 different tree species that vary in shade and flood tolerance. Seedlings were planted in pots and placed in 227 L tanks that were randomly assigned to light reduction (full sun, 40% and 70% reduced sunlight) and flood treatments (water levels of 0, 14, or 27 cm below the soil surface). In general, flooding treatments had a greater influence on seedling growth and leaf gas exchange rates than light reduction treatments. Of the species studied, bald cypress (Taxodium distichum (L.) Rich.) was the most flood-tolerant, but American sycamore (Platanus occidentalis L.) and river birch (Betula nigra L.) were also highly tolerant of flooding conditions throughout the entire growing season. The flood tolerances of the remaining species varied, but none were tolerant of water table depths within 14 cm of the soil surface for the entire growing season. Most species did not respond to the shade treatments in terms of early growth, survival, and leaf gas exchange. When considering species for planting in forested wetlands, matching the flood tolerance of candidate species to local site hydrology is an important step.