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. In this picture, we can easily interpret why $Y(4260)\to \pi^+\pi^-J/\psi$ has a larger rate than $Y(4260)\to D\bar D$ and we also predict 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.