As more exoplanets are being discovered around ultracool dwarfs, understanding their magnetic activity - and the implications for habitability - is of prime importance. To find stellar flares and photometric signatures related to starspots, continuous monitoring is necessary, which can be achieved with spaceborn observatories like the Transiting Exoplanet Survey Satellite (TESS). We present an analysis of TRAPPIST-1 like ultracool dwarfs with TESS full- frame image photometry from the first two years of the primary mission. A volume-limited sample up to 50pc is constructed consisting of 339 stars closer than 0.5mag to TRAPPIST-1 on the Gaia colour-magnitude diagram. The 30-min cadence TESS light curves of 248 stars were analysed, searching for flares and rotational modulation caused by starspots. The composite flare frequency distribution of the 94 identified flares shows a power law index similar to TRAPPIST-1, and contains flares up to E_TESS_=3*10^33^erg. Rotational periods shorter than 5 days were determined for 42 stars, sampling the regime of fast rotators. The ages of 88 stars from the sample were estimated using kinematic information. A weak correlation between rotational period and age is observed, which is consistent with magnetic braking.