Possible Molecular Structure of the Newly Observed Y(4260)

We suggest that the newly observed resonance Y(4260) is a $\chi_{c}-\rho^0$ molecule, which is an isovector. In this picture, we can easily interpret why $Y(4260)\to \pi^+\pi^-J/\psi$ has a larger rate than $Y(4260)\to D\bar D$ which has not been observed, and we also predict existence of the other two components of the isotriplet and another two possible partner states which may be observed in the future experiments. A direct consequence of this structure is that for this molecular structure $Y(4260)\to \pi^+\pi^-J/\psi$ mode is more favorable than $Y(4260)\to K\bar KJ/\psi$ which may have a larger fraction if other proposed structures prevail.