  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.
