A classical fact (due to Polya ?) is that if $P\in{\mathbb R}[X]$ has only real roots (one says that $P$ is hyperbolic), and $a$ is a real number, then the roots of $$L_aP(X):=\frac12(P(X+ia) +P(X-ia))$$ are real, too. One says that $L_a$ is hyperbolicity preserving. Of course, we may iterate: the operators $L_a$ span an abelian semi-group $S$. Notice that $L\in S$ is uni-triangular in the basis $\{1,X,X^2,\ldots\}$. Thus we may consider the closure $\bar S$ unambiguously, by considering the closure on each finite dimensional subspaces ${\mathbb R}_n[X]$.
My question is how to describe more explicitly $\bar S$. Since $L_a$ is a convolution by $\frac12(\delta_{z=-ia}+\delta_{z=ia})$, $\bar S$ consists only in convolutions by probabilities. These probabilities, supported by the imaginary axis, are symmetric with respect to the origin. After a rotation by $90$ degrees, we obtain that $\bar S$ is isomorphic to some set $\Sigma$ of symmetric probabilities over $\mathbb R$. It seems clear that normalized Gaussians, for instance, belong to $\Sigma$.
Is there a simple, explicit characterization of $\Sigma$ ?
And the following question is interesting too:
Let $\mu$ be a symmetric probability over $\mathbb R$, such that the convolution $L_\mu P:=P\star\mu(i\cdot)$ is hyperbolicity preserving. Does it belong to $\Sigma$ ?